Question to the Department for Work and Pensions:

To ask Her Majesty's Government what assessment they have made of the effectiveness of the Pensions Regulator.

The Pensions Regulator was established by the Pensions Act 2004. The assessment of the performance of the Pension Regulator was decided by the previous government as follows: The Pensions Regulator has a broad set of responsibilities across occupational pension schemes. Its performance, as measured by Key Performance Indicators, has been steadily improving since 2015. In 2015/16, it fully met 10 out of 17 of these indicators, whereas in 2017/18 it met 17 out of 18.

Working collaboratively with the Department for Work and Pensions, the Pensions Regulator has successfully implemented one of the most significant reforms in recent years, the introduction of Automatic Enrolment. To date, 9.6 million workers have enrolled into a pension by over 1.2 million employers. This is being achieved at a time of great change and challenge in the pensions landscape, with changes in longevity and structural changes in the workplace.

Since 2005, the Regulator has secured more than £1 billion for pension schemes through settlements and the use of its anti‑avoidance powers. Not withstanding this, the Regulator has also recognised the need for it to change and adapt to the world as it is now, and since 2016 has been engaging with industry on how best to be a clearer, quicker and tougher Regulator. The Government’s Defined Benefit White Paper proposals will provide the Regulator with additional tools needed to effectively respond to today’s challenges.