Pensions Regulator publishes annual report and accounts for 2022/23 - an “action packed” year

On July 13, 2023, the Regulator  published its annual report and accounts for 2022 to 2023, revealing that it met, or almost met, 19 out of 23 of its key performance indicators. Three of the four that were missed related to the DB funding code, the General Code and pensions dashboards, which all require legislative change.

The Regulator highlights its focus on trustee diversity and inclusion, and also the importance of the impact of climate change on their investment decisions.

The Regulator’s annual expenditure was £6.4m, which is within budget. Other achievements outlined in the report include assessing and authorising the UK’s first collective DC scheme and a new master trust and intervening in 22 per cent of schemes, an increase on last year’s 16 per cent.