The Pensions Regulator has presented its new remit and powers to an National Association of Pension Funds conference, 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, explained to NAPF members 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 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.
The code of practice on reporting breaches will come into force on April 6 and the code of practice on notifiable events will be laid before parliament shortly.
Other codes of practice 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
