Stakeholder pension schemes have regulatory obligations, the main ones being to:

• TPR, with which the scheme must be registered and which maintains a directory of all stakeholder schemes and has responsibility for regulating compliance with registration requirements;
• the FCA, which regulates the marketing of schemes and the provision of advice and supervises the firms responsible for managing the funds invested; and
• HMRC, by which they must be approved to ensure that they meet the conditions necessary for tax