One of a series of reviews to audit national regulators' performance against the Better Regulation agenda, the report concludes that the regulator has thoroughly embedded the Hampton principles at both operational and strategic levels - and identifies examples of good practice across the range of areas.
The report highlights a number of key strengths at the regulator, including:
a pragmatic approach - responsive to changing economic circumstances and business needs;
a risk-based approach integrated in the culture of the organisation;
good stakeholder relations and a willingness to consult meaningfully and transparently with the pensions community;
effective systems for identifying and addressing risks to pension schemes proportionately, allocating resources to the most serious issues on the basis of an assessment of these risks;
a learning culture within the organisation;
a clear and developing evidence base as the foundation for regulation.
Welcoming the report, Angela Eagle, Minister of State for Pensions and the Ageing Society said:
"Effective regulation to protect members' benefits is essential work. Recognition for implementing good practice is a testament to the ongoing efforts of this important organisation."
Pensions Regulator chief executive Tony Hobman said:
"We are delighted to receive recognition for the progress we have made and we are working hard to ensure our strong performance against the Better Regulation agenda continues in the years to come.
"As the landscape we regulate continues to evolve - and we prepare for our new responsibilities from 2012 - our focus will be on ensuring our risk-based approach to regulation remains fit for purpose."
In its response to the report, also published today, the regulator highlights the finding that its approach to enforcement has been effective and proportionate.
Figures, published in the response, show that it formerly exercised its powers in 787 of the 4,747 cases and enquiries active between 1 April 2008 to 31 March 2009. In the following six months, 1 April 2009 to 30 September 2009, powers were formally exercised in 798 of the 3,272 active cases and enquiries.
In most cases, dialogue with pension trustees, the sponsoring employer and their advisers results in matters being resolved satisfactorily. However, the regulator will resort to enforcement where necessary.
The report also identifies three issues for the regulator to focus on in order to meet the Hampton criteria more fully. The report acknowledges that the regulator is addressing these issues already and is fully alive to the risks and challenges it faces in light of the changing pensions landscape and the implementation of the Pensions Act 2008. The issues are also addressed in the regulator's response to today's report.
To view the full press release please visit:
http://www.thepensionsregulator.gov.uk/mediaCentre/pressReleases/pn10-02.aspx
To view the response to the review please visit:
http://www.thepensionsregulator.gov.uk/pdf/hampton-review-response-2010.pdf
Media relations
The Pensions Regulator
amediarelations@thepensionsregulator.gov.uk
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