BIS consultation ‘Non-economic Regulators: Duty to Have Regard to Growth’ an NAPF response
The NAPF has responded to the BIS consultation on the duty for non-economic regulators and the Pensions Regulator (TPR) to have regard to economic growth. The NAPF has welcomed the new statutory objective for the Pensions Regulator (TPR), announced at Budget, to support scheme funding arrangements that are compatible with sustainable growth for the sponsoring employer. This is the appropriate response to the challenging economic conditions faced by pension schemes and their sponsoring employers. A broader growth duty for TPR could create additional conflicts between pension scheme members, trustees, and employers. This would fundamentally alter the way that TPR interacts with those running pension schemes, and the way that trustees discharge their fiduciary duties to their members. For this reason the NAPF does not support a second, broader, growth duty being applied to TPR.