TPR updates guidance for applicants asking it to use its powers
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The Pensions Regulator has produced updated guidance for those making third-party applications to ask TPR to use its powers, for example to appoint an independent trustee.
TPR published updated guidance on Wednesday to help applicants know what information to supply when applying for TPR powers, so that their applications can be assessed “as swiftly and effectively as possible”.
Third-party applications to appoint an independent trustee can be made where trustees fail in their duties. Other types of third-party applications include waiving trustee disqualifications and revoking a prohibition order.
Third-party applications to appoint an independent trustee can be made where trustees fail in their duties. Other types of third-party applications include waiving trustee disqualifications and revoking a prohibition order.
Gaucho Rasmussen, TPR’s executive director of regulatory compliance, said: “We can use a range of powers to help protect savers' pensions, but when people ask us to step in, we need evidence it is in the interests of members and those directly affected. If you are making an application to us, we hope by following our guidance the process will be as smooth as possible.”
The decision to use third-party application powers sits with the Determinations Panel, a committee that is independent of TPR, while the burden of proof is with the applicant.
Once an application has been reviewed, TPR’s case team will provide applicants with a timescale and say if it needs further information and what the next steps will be.
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