Pension schemes have been fined more than £33,000 by The Pensions Regulator (TPR) after failing a detailed value for members (dVFM) assessment.

The UK’s financial regulators say working together has improved outcomes, particularly in relation to failings by SIPPs operators, the British Steel Pension Scheme scandal and the introduction of Consumer Duty.

Strike action by members of the Public and Commercial Services (PCS) union at The Pensions Regulator has been suspended and staff returned to work last Wednesday.

Almost one in five (16%) of schemes with under £100m in assets scrutinised by The Pensions Regulator (TPR) as part of a pilot into the effectiveness of its new rules over value for member assessments has opted to wind down.

One in 20 (4%) defined benefit (DB) pension schemes remained open to new members in 2023, new data published today by The Pensions Regulator (TPR) shows.

A former pension scheme trustee has been given a 10-month jail term, suspended for 12 months, after admitting using scheme funds to make five prohibited loans to entities connected to the scheme’s sponsoring employer.

The Pensions Regulator has called on trustees to help battle cyber-crooks by reporting significant cyber-related incidents as part of updated guidance to tackle the ongoing threat posed by cyber criminals.

After a review launched earlier this year the DWP has concluded that The Pensions Regulator is “broadly well-run and well-regarded” but has set out a series of recommendations to improve the regulator.

The Pensions Regulator has amended its DB superfunds guidance three years after publishing its original guidance to update it based on changes in the last three years.

The DWP has appointed experienced FCA regulator executive Mary Starks to lead a review of the The Pensions Regulator.