The Pensions Regulator (TPR) should seek improved methods of gathering data to decrease the regulatory burden on automatic enrolment (AE) pension schemes, a report has found.
The Department for Work and Pensions (DWP) made several recommendations in its Tailored Review of The Pensions Regulator report, including how to further improve its approach to automatic enrolment.
DWP recommended in review: “A specific aspect of AE that has been successful has been the use of Real Time Information. HMRC shares data with TPR, which allows TPR to use more targeted communications.
“If the quality and quantity of this data could be improved, for example through the use of automated data feeds, it would reduce the burden on schemes and employers to provide information to TPR.”
As such, DWP has encouraged the regulator to seek “improved methods of gathering data” to decrease the regulatory burden on pension schemes.
Overall, DWP applauded TPR’s implementation and regulatory approach to automatic enrolment.
“TPR has effectively implemented the automatic enrolment programme since this was added to their functions in 2008. The programme has now enrolled almost 10 million members into pension schemes, and has hugely contributed to the government’s goal to ‘ensure financial security for current and future pensioners’. This review commends TPR’s efforts in carrying out the AE programme so successfully.”
