Government confirms 'tougher' powers for TPR in DB white paper

Published today, Protecting Defined Benefit Pension Schemes recognised most employers wanted to "do the right thing" by their scheme but said it was still necessary to guard against the "small minority" of employers who may be putting people at risk. The DWP confirmed TPR would be given a "tougher and more productive role" to help tackle employers putting members at risk, which would build upon its existing 'anti-avoidance powers'. According to the paper, TPR will now have the power to punish those who deliberately put their pension scheme at risk, by introducing punitive fines. Th...