The Pensions Regulator

The Pensions Regulator presents new remit to NAPF ahead of A-Day

Ref: PN05-03
22 March 2005

The Pensions Regulator presented its new remit and powers at an NAPF conference today, as it prepares to take over from Opra as the regulator of pensions in the UK next month.

Mr Justin Wray, manager of strategy formulation at the Pensions Regulator, spoke to NAPF members at the London seminar this morning, two weeks ahead of A-Day on 6 April.

The seminar, entitled ‘The Pensions Regulator, More than a new name?’ addressed a number of regulatory issues and discussion topics included:

• Why have a new regulator?
  
• How will the new Pensions Regulator operate?
  
• What powers will the new r egulator have?

Mr Wray explained that the new regulator’s remit is to protect members’ benefits, reduce the risk of calls on the Pensions Protection Fund and improve understanding and good administration of work-based pensions.

He also outlined the Pensions Regulator’s new regulatory tools, which include the duty to report notifiable events and breaches of pensions law, and explained the purpose of codes of practice which include practical guidance on how trustees and employers can comply with their requirements under the Pensions Act 2004.

Mr Wray reminded attendees that the code of practice on reporting breaches will come into force on April 6 th and the code of practice on notifiable events will be laid before parliament shortly.

Other codes of practice which have now gone for consultation are trustee knowledge and understanding and funding defined benefits. The consultation period for these codes ends on 10 June and 6 May respectively.

All codes of practice can be viewed on the Pensions Regulator’s website at: www.thepensionsregulator.gov.uk

-Ends-

Editor's notes

1. On 6 April 2005, the Pensions Regulator will be established as the new regulator of work-based pensions in the UK, with wider and more flexible powers under the Pensions Act 2004. It will replace Opra which will cease to exist.
   
   
2. Initially, there will be 12 codes of practice. The first code, reporting breaches of the law, will be effective from April 2005.
   
   
3. Codes of practice are not statements of the law. However they do have evidential value, meaning they will be taken into account by a court or tribunal where relevant.
   
   
4. The new powers of the Pensions Regulator will include the ability to: