News type:
News
Date:
Mon 21 May 2018

The Pensions Ombudsman (TPO) and The Pensions Regulator (TPR) have agreed to share information with a view to mutually enhancing their knowledge and understanding of developing pension issues.

This information sharing agreement (The Agreement) aims to protect pension scheme members, endorse and support the achievement of higher standards across the industry and ensure a safe pensions saving environment.

The Agreement came into effect in March and gives details of the principles both organisations will follow when sharing information about complaints and concerns. It acknowledges that both organisations have shared goals and an overlap in responsibilities. The Agreement between the two bodies means that information concerning pension complaints handled by TPO may be shared with TPR, helping to inform its investigation processes. Similarly, following an investigation of a pensions scheme, TPR may advise TPO of any concerns it has regarding that scheme’s failure to implement policy and procedural changes as recommended by TPR.

TPO deals with complaints and disputes that concern the administration and/or management of both occupational and personal pension schemes. Its role is to investigate complaints and disputes in a fair and impartial way. TPR works with employers and those running pensions so that people can save safely for their retirement.

Claire Ryan, Legal Director at The Pensions Ombudsman, commented: “TPO wishes to actively work more closely with pension stakeholders. Sharing information will not only safeguard pension scheme members, but should also help drive standards and improvements across the industry. We look forward to developing our working relationship with The Pensions Regulator.”

Nicola Parish, TPR’s Executive Director for Frontline Regulation, added: “We’ve worked closely with TPO for many years to better protect retirement savers. This agreement spells out formally the way we share information to help us to tackle scams, and identify trends and emerging issues so that we can work with TPO and other partners to intervene quickly to put things right.”