UK - The Government is to review the Occupational Pensions Regulatory Authority (Opra) in a move that could lead to further safeguards around occupational pensions.
Launching the review, pensions minister Ian McCartney described Opra's work as “vital” in achieving security and independence for pensioners.
It is essential that the interests of members of pension schemes are safeguarded by ensuring that the schemes are run properly,” he said.
“The Review will ensure that the services currently provided by Opra are delivered in a way that best meets the needs of those it serves and that it is managed in the most effective way. It will also consider what additional, proactive, safeguards should be introduced.”
Former chief executive of the Nationwide Building Society Brian Davis will lead the review.
Davis will be assisted by a review team of civil servants from the Department of Work and Pensions, and an expert Steering Group which consisting of industry representatives.
Anyone wishing to respond to the consultation document can find it on the DWP website.
The initial consultation phase is due to end on August 2, 2002.
By Madhu Kalia
The Pension Protection Fund (PPF) has published contingency planning guidance for trustees to help them manage risk.
The trustees of the Autoenrolment.co.uk and Moore Stephens master trusts have been fined for "deficient" chair's statements after failed court action against The Pensions Regulator (TPR).
Henry Tapper shares his thoughts on how IGCs could provide value for money statements that people wanted to read