The Pensions Regulator (TPR) said it had intervened in 22 per cent of schemes, an increase on last year’s 16 per cent.
In its annual report and accounts for the year ending 31 March the regulator said it had successfully managed and expected increase in case volumes in compliance and enforcement, with about 130,000 cases opened over the year.
The TPR recovered £97m for workers who had missed out on enrolment, including from what it said were "well-known operators in the gig economy and through the ongoing large employer engagement work", covering 1.6 million workers.
It said that through the combined efforts of TPR and scheme providers, over £500m had been repaid to date into schemes with £135m of this during the financial year 2022-2023.
Nausicaa Delfas, chief executive of the TFP, said: “We are witnessing a pivotal moment in pensions with a steady but inevitable move from defined benefit to defined contribution arrangements, and the consequent transfer of risk from employer to saver. Right across the pensions market, TPR plays an integral role in protecting savers’ money, enhancing the pensions system, and supporting innovation in the interests of savers”.
The TPR also said it had met 19 out of 24 key performance indicators which include setting out clear expectations for trustees through guidance in new areas, including environmental social governance and equality, diversity and inclusion matters.
Trustee advice
It also said it had issued strong guidance on liability driven investments (LDI) in November 2022 with an update this April; assessed and authorised the UK’s first collective defined contribution scheme and a new master trust and published a joint consultation on a value for money framework for defined contribution schemes, which received more than 80 responses.
Sarah Smart, TPR chair, said: “In another action-packed year, we have been steadfast in our goal of protecting and enhancing retirement savings, against the backdrop of a volatile economy and unpredictable world events.
“Working closely with government and our regulatory family has never been more important — whether in the context of giving trustees clear advice on LDI, funding of defined benefit schemes, fighting scams or ensuring the industry is ready for the arrival of pension dashboards.
“The past year also saw us focus on two new areas — the value in having a diverse trustee board and the importance of taking climate and sustainability into account when making investment decisions.”
