The Pensions Regulator

Book now for scheme funding and clearance workshops

Ref: PN06-02
31 January 2006

The Pensions Regulator will host a series of free workshops in March 2006 to give practical guidance on dealing with scheme funding issues.

The all-day events, held in Leeds, Edinburgh and London, will explore practical approaches to dealing with issues facing employers, trustees and advisers, in setting and agreeing funding targets and recovery plans and in dealing with the impact of corporate events on pension schemes.

Senior regulatory staff from the scheme specific funding and clearance practices will present a day-long case-study to illustrate the issues parties will have to consider. Participants will have the opportunity to discuss issues and approaches in small break-out groups facilitated by regulator staff.

Trustees and employers will attend on the first day in each location, while professional advisers will attend on the second day, allowing the sessions to be tailored to their different roles in the process.

Due to limited availability, places must be booked in advance.

Leeds
Monday 13 March (trustees and employers)
Tuesday 14 March (professional advisers)

Edinburgh
Thursday 23 March (trustees and employers)
Friday 24 March (professional advisers)

London
Monday 27 March (trustees and employers)
Tuesday 28 March (professional advisers)

For further information on forthcoming events, please view the Pensions Regulator's website at: www.thepensionsregulator.gov.uk/mediacentre/events.

Editor's notes

1. Places on the workshops must be booked in advance through the regulator's website as there will be limited availability. If experiencing difficulties with the online form, call 0870 606 3636.
2. In order to benefit form the workshop, participants should be aware of the new scheme funding regime as detailed in Part 3 of the Pensions Act 2004; and contribution notices, financial support directions and clearance statements as detailed in regs 38 - 51 of the Pensions Act 2004. Participants should also read the scheme specific funding code of practice in the form laid before Parliament and clearance guidance before attending.
3. New legislation on scheme funding came into force on 30 December 2005. The new requirements, introduced by the Pensions Act 2004, replace the minimum funding requirement and apply to occupational pension schemes providing defined benefits.
4. The regulator's clearance process gives those companies considering corporate transactions involving defined benefit schemes the option to apply for a clearance statement. This provides companies with assurance that their transaction does not contravene anti-avoidance legislation, under which the regulator has powers to act where we believe that an employer is deliberately attempting to avoid their pension obligations.
5. The Pensions Regulator has been established as the new regulator of work-based pensions in the UK, with wider and more flexible powers under the Pensions Act 2004. It replaced Opra which no longer exists.
6. The new powers of the Pensions Regulator include the ability to:
   • collect more detailed scheme information;
   • issue improvement notices and third party notices, enabling the regulator to ensure problems are put right;
   • freeze a scheme that is at risk, while the regulator investigates; and
   • prohibit trustees who are judged not fit and proper to carry out their duties.
   • the Pensions Act 2004 also imposes a statutory obligation on 'whistleblowers' to report suspected breaches of the legislation to the regulator.