On the go: The Pensions Regulator has published its action plan in response to the British Steel Rookes review, outlining several steps designed to boost support and guidance for trustees facing restructure or changes.
Former Money Advice Service chief executive Caroline Rookes’ review was commissioned by the watchdog following a recommendation by the Work and Pensions Committee.
The document outlined a number of recommendations for the regulator based on the communications and support given to members of the British Steel Pension Scheme.
In response, the Pensions Regulator said the work suggested in the recommendations has been “assigned to a cross-partner working group to develop online options and support”.
It will be delivered as part of a web hub, the first phase of which will launch in September this year.
Recommendations included a proposal for the regulator to gather case studies and examples of best practice guidance and consider the best ways to disseminate them.
The review suggested that TPR lead a piece of work mapping out the warning signs and different stages of restructuring and then put together a guide for trustees.
It also recommended that the regulator should encourage trustees to look for and provide early warning of developing difficult situations and to seek help from appropriate advisers.
Furthermore, Rookes’ report proposed that, instead of guiding trustees to the minimum necessary to comply with the rules, “guidance should be aimed at creating what good looks like”.
The regulator was also advised to lead work to put together communications materials drawing on expertise from the Money and Pensions Service, as well as a good communications guide for trustees.
