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Department for Work and Pensions

The Department for Work and Pensions (DWP) is the Government department responsible for developing welfare and pension policy.

Currently the DWP is working to introduce a number of reforms to the current system. To ensure these and future programmes are delivered and maintained in the most effective way the DWP works in partnerships with a number of non-departmental public bodies (NDPBs), which fall under its remit. These include The Pensions Advisory Service (TPAS), Pensions Protection Fund (PPF), Pensions Ombudsman Service and The Pensions Regulator.

View the framework document between the DWP and the regulator in memoranda of understanding.

View the tripartite memorandum of understanding between the DWP, the PPF and the regulator in memoranda of understanding.

Pension Protection Fund

The Pensions Protection Fund (PPF) was established under the provisions of the Pensions Act 2004

The main function of the fund is to provide compensation for members of eligible defined benefit schemes where the sponsoring employer becomes insolvent and the scheme is underfunded. The costs of this fund are met, in part, be levies which are collected by the regulator.

View the memorandum of understanding between the PPF and the regulator in memoranda of understanding.

View the memorandum of understanding between the PPF, the Pension Benefit Guaranty Corporation and the regulator in memoranda of understanding.

View the tripartite memorandum of understanding between the PPF, the DWP and the regulator in memoranda of understanding.

The Pensions Advisory Service

The Pensions Advisory Service (TPAS) is an independent voluntary organisation that provides information and guidance to members of state, company, personal and stakeholder schemes.

They also provide support and advice for members of the public in dispute with their occupation or private pension arrangement.

TPAS’s service is free and is supported by a national network of volunteer advisers.

Pensions Ombudsman Service

The Pensions Ombudsman Service was established in 1991.

They have powers to decide on pensions complaints that affect individual members and where an Internal Disputes Resolution Process (IDRP) has been followed but has failed to resolve the complaint.

The Prudential Regulation Authority

The Prudential Regulation Authority (PRA) is part of the Bank of England and responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.

View the memorandum of understanding between the PRA and the regulator in memoranda of understanding.

The Financial Conduct Authority

The Financial Conduct Authority (FCA) is responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).

The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives:

  • to secure an appropriate degree of protection for consumers
  • to protect and enhance the integrity of the UK financial system
  • to promote effective competition in the interests of consumers.

For more information on how the FCA and The Pensions Regulator regulate workplace defined contribution schemes, read a jointly developed guide:

View the memorandum of understanding between the FCA and the regulator in memoranda of understanding.

European Insurance and Occupational Pensions Authority

The European Insurance and Occupational Pensions Authority (EIOPA) is an EU supervisory authority set up to promote greater harmonisation and coherent application of regulatory standards across the European Union, and to establish a single internal market for both insurance and pensions.

The Pensions Regulator contributes to the EIOPA work plan through participation in EIOPA’s working groups and our Chief Executive’s participation in the Board of Supervisors. The working groups carry out specific tasks delegated to them by the Board of Supervisors, including the development of draft binding technical standards that can be adopted by the European Commission in areas specified in EU directives or regulations.

EIOPA register

The Pensions Regulator is required under EU law to provide the following information to the European Insurance and Occupational Pensions Authority (EIOPA) which will then be published on their register: the name, address, cross-border status, and host country or countries of the pension schemes in the regulator’s register. The EIOPA public register of European occupational pension schemes is updated annually and available to view on the EIOPA website.

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