Business Newsletters - Winter 2005

Pensions Regulation

Those of you who had dealings with the Occupational Pensions Regulatory Authority (Opra) in the past may have noticed that earlier this year, Opra was replaced by the Pensions Regulator (TPR).

The introduction of TPR came about through a wider review of the pensions sector generally, which included a new Pensions Act and the introduction of the Pension Protection Fund.

The new regulator deals with any pension scheme made available by an employer, which includes occupational, personal and stakeholder schemes. Its main objective is to tackle risks to scheme members’ benefits. In this respect TPR is a more proactive organisation than Opra and will concentrate its resources on schemes where there is greatest risk to the security of members’ pensions. Any schemes assessed as high risk will be closely monitored by TPR in the future.

TPR has begun to issue guidance for the pensions sector, most notably in the form of codes of practice and supporting guidance. These provide practical guidance to help trustees understand and meet their legal responsibilities.

The regulator has also publicised a free e-learning scheme for trustees. Successful completion of all the modules of the scheme will help trustees meet the requirements for trustee knowledge and understanding, required by the 2004 Pensions Act. The first sections of the e-learning scheme are expected to be available in January 2006.

Further information about the e-learning scheme and TPR generally can be obtained from www.thepensionsregulator.gov.uk

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