The Department of Works and Pensions (DWP) today published the first consultation document on codes of practice for The Pensions Regulator.
The Code, Reporting Breaches of the Law, “sets out guidance on the legal requirement for those involved in running pensions schemes to report breaches of the law to the Regulator and sets out standards of practice expected of statutory reporters.”
The DWP says that under the Pensions Act 2004, a wider range of people involved in the running of pension schemes will have a statutory duty to report to The Pensions Regulator, including:
- trustees and their advisers and service providers (including those carrying out tasks such as administration or fund management)
- managers of schemes not set up under trust; and
- employers sponsoring or participating in work-based pension schemes
The DWP is inviting pensions professionals and others with a duty to report to participate in the consultation “to ensure that the code is clear and workable.” The code is due to be issued by The Pensions Regulator in April 2005.
The consultation closes on 7 January 2005, and the consultation document is available on the DWP website at
www.dwp.gov.uk/pensionreform/
