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28 May 2013

Pension Regulator To Invest £30m On Auto-Enrolment

The Pensions Regulator (TPR) will be allocating nearly £30 million to regulate automatic enrolment in 2013/2014, as it tries to improve its enforcement capabilities before small businesses start joining the scheme.

The entire budget for TPR next year will be £66.6 million, of which £29.8 million will be allocated to auto-enrolment-related moves, Money Marketing reported. The figures were announced by TPR last week as part of its corporate plan over the next three years.

The larger part of the money set aside for auto-enrolment, about £22.1 million, will be spent on regulating defined benefit schemes, while the remaining will cover expenses related to the regulation of defined contribution schemes. Meanwhile, TPR said that it was expecting its budget to increase further in 2014/2015, to £79.4 million, and to reach £87.9 million in 2015/1016.

The organisation is currently responsible for regulating workplace pension schemes, but as of 2015 it will also be in charge of regulating public service pension schemes, including their governance and administration. However, it noted that public sector scheme funding will be in the jurisdiction of another government agency.

Some of the key areas that TPR will be focusing on by 2016 include cutting down on the risks to members of defined benefit schemes, improving outcomes for members of defined contribution schemes and improving governance and administration, Money Marketing said.

According to TPR chief executive Bill Galvin and chairman Michael O´Higgins, the organisation aims to facilitate compliance with the new rules by providing new software and training and carrying out awareness campaigns.

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