UK - The Pensions Regulator (TPR) received over 1200 notifications of pension fund rule breaches from trustees last year, according to its latest annual report.

Details of TPR's 2006/2007 annual report and accounts reveal a total of 1,233 "whistleblower breach of law reports" were received from trustees in the last 12 months to March 31 2007.

Additional information revealed there are now 22.2 million members of final salary (defined benefit) pension schemes in the UK - giving a 91% membership in just 1,858 schemes - and over 4.2 million defined contribution members.

But comments from the TPR's chief executive Tony Hobman appear to suggest the regulatory body intends to start using its position to bring further improvements to the pensions arena.

"By the end of this, our second full year of operation, I believe that we have succeeded in positioning ourselves as a credible, professional, pragmatic and approachable risk-based regulator," said Hobman.

"Our challenge for the coming year is to maximise the leverage from this excellent start to continue to drive positive behaviours in support of pension scheme members' best interests and to punch our weight in the wider pensions arena."

TPR has begun to show evidence of its determination to act where it sees potential funding problems for occupational pension schemes, following its enforcement of its first Financial Support Directive (FSD) on Sea Containers last month.

Topics