"The results indicate TPR should re-double and prioritise their efforts and regulatory focus with this cohort. Going forward, value for money assessments will aid supervision and also provide the tools for schemes to help themselves to improve governance and performance for schemes of all sizes."
Climate change
TPR also quizzed schemes on their climate change awareness and found smaller schemes were less likely to take action on financial risks caused by climate change than larger ones.
The reason could be found to some extent in the fact that smaller firms do not have the same climate change reporting requirements as larger ones.
TPR found every master trust and 86 per cent of large schemes had allocated time or resources to assessing financial risks and opportunities associated with climate change. This fell to about half of medium schemes (48 per cent) and fewer than one-in-10 small (4 per cent) and micro (8 per cent) schemes.
The regulator said all schemes were exposed to some degree of climate-related risk and opportunities and all trustees should allocate the appropriate amount of time and resources assessing this.
carmen.reichman@ft.com
