UK - Rules simplifying the wind up of occupational schemes will come into force from April 1.
The regulations also enable OPRA to take action if it feels the winding up is being unreasonably delayed.
Pensions minister Ian McCartney said: “The legislation places greater visible accountability on those people who are involved in winding up a pension scheme.
“This will help to ensure that the benefits that members are entitled to are secured more quickly.”
In addition, trustees of schemes that are winding up will have to make regular progress reports to OPRA, but the rules will be phased in over four years with only the oldest schemes having to report by June 1.
McCartney added: “The phased approach to these regulations will ensure that the schemes that have been winding up for the longest time report to OPRA first.
“It will also give trustees of schemes that have recently begun to wind up time to fully understand their responsibilities.”
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