UK - The Department for Work and Pensions (DWP) has published the first consultation paper on codes of practice for the new Pensions Regulator.
The code, Reporting breaches of the law, sets out guidance on the legal requirement for those who run pension schemes to report breaches of the law to the regulator and sets out standards of practice expected of statutory reporters.
Under the Pensions Act 2004, a wider range of people involved in the running of pension schemes will have a statutory obligation to report to the regulator, including trustees and their advisers and service providers, managers of schemes not set up under trust and employers sponsoring or participating in work-based pension schemes.
Announcing the consultation paper, the DWP invited pensions professionals and other affected parties to participate in the consultation to ensure the code is “clear and workable”.
The consultation period closes on January 7.
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