UK - OPRA's ambitions to rid small schemes without trustees of any security fears have been scaled back because of its own "lack of resources".
Regulatory manager Andy Rigg said OPRA feared being “inundated” with calls from providers offering details of relevant clients and has acted promptly to curb an information overload.
Rigg said: “We couldn’t make any meaningful progress with all of the schemes. So we are asking third party providers to report only those schemes where a member is trying to realise or release their assets.”
The security risk – which predominantly affects smaller schemes – usually arises when companies close and leave their pension scheme without trustees.
The resource problem has snowballed for OPRA since an amendment to the Pensions Act in April required third party providers to report all schemes with no trustee presence.
Rigg added that there is a shortage of independent trustees who can be placed to represent scheme members’ interests and that there are probably thousands of schemes which do not have trustees.
“In an ideal world we should tackle all of these schemes but we don’t have the trustees and resources to deal with them all,” he said.
OPRA has not set a deadline for providers to hand over this information and said it dealt with the problem on an “ongoing basis”.
Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
This week's top stories included a Freedom of Information request revealing more than 100,000 savers could face six-figure tax bills as a result of GMP equalisation.
The Pearson Pension Plan has entered into a £500m pensioner buy-in with Legal & General (L&G) in the insurer's first deal of 2019.