From the 1st April 2005 there is a new regulator of work-based pension schemes, called the Pensions Regulator, it replaces the Occupational Pensions Regulatory Authority (OPRA).

Created under the Pensions Act 2004, the regulator has wider powers and a new proactive and risk-focused approach to regulation. It will establish a series of codes of practice which will aim to -

  • Give practical information about how trustees, employers and others can comply with legal requirements; and
  • Sets out the standards of conduct and practice expected - those standards reflect how a well-run scheme would choose to meet the relevant requirements.

A code of practice is not a statement of law: It does not have to be "followed" therefore, employers, trustees etc. can choose to do things differently as long as the alternative method meets legal requirements.

To find out more about the Pensions Regulator click here.