On the go: The value of fines issued by the Pensions Regulator has shot up to £42m in the year to March 31 2018, compared to the £12.6m of fines handed down over the previous 12 months.
According to data obtained from the regulator by law firm Clyde & Co., £11.5m of fines were imposed in fixed penalty notices and £30.5m in escalating notices.
The increase in financial penalties corresponds with the delivery of its promise to be clearer, quicker and tougher with offending schemes and employers.
This month, the regulator announced plans to introduce one-to-one supervision for the 25 biggest schemes in the UK. This will go up to the largest 60 schemes over 2019.
It will also take a more proactive approach with around 50 DB schemes, assessing compliance with messages in the regulator’s 2018 annual funding statement.
These will specifically focus on whether schemes are being treated fairly when it comes to dividend payments to shareholders.
Will the new CEO be tough enough?
This month, the regulator began advertising for a new chief executive to replace Lesley Titcomb, whose tenure will end in February 2019.
Speaking at a Society of Pensions Professionals event, the regulator’s non-executive chair Mark Boyle said that the regulator aims to have a shortlist by mid-to-late October, with an offer made by the end of 2018.
“One of Lesley’s legacies is that she’s built a very strong team, and we want someone who can come in, and work with, and get the best out of that team,” Boyle said
“We want someone who is decisive and resilient,” he added. “[Someone] who’s got thick skin, but with the ability to be bold and take tough decisions externally and internally”.
