The Pensions Regulator is the public body set up to protect workplace pensions in the UK.
Its responsibilities include making sure employers put staff into a pension scheme and pay money into it.
The Regulator is also responsible for:
- protecting savings in workplace pensions
- improving the running of workplace pension schemes
- ensuring employers balance the needs of the pension scheme with growing their business.
To ensure pension schemes are legally compliant, the Regulator has powers to take regulatory and enforcement action such as recovering late or missing payments from an employer on behalf of a scheme, issuing fines for breaches of the law, and prosecuting certain offences in the criminal courts.
The Regulator’s current non-executive chair is Mark Boyle and its chief executive is Lesley Titcomb.
The USS pension scheme’s governing body is the trustee board. The board has between 10 and 12 members: four are appointed by UUK, three by UCU and the rest are independent directors appointed by the board. It meets on average five times a year.
Trustees of pension schemes like USS have to act in line with the rules of their scheme and with pensions legislation. Their responsibilities include:
- ensuring that USS is adequately funded
- ensuring that USS acts in line with the rules of the scheme and complies with pensions legislation and regulation
- ensuring that USS’s investment strategy is appropriate for the scheme’s liabilities
- ensuring that USS is managed, administered and invested at a level with which members and employers are content.
The USS trustees are required to present a scheme for the pension which is to the satisfaction of the Pensions Regulator.