The UK government has proposed measures to speed up and introduce greater accountability into the winding up of occupational pension schemes.
Launching the consultation document, pensions minister, Ian McCartney, said: These regulations are a significant step towards making the process of winding up pension schemes more efficient and transparent.”
The Occupational Pension Schemes Regulations 2001 will set out the detail which must be included in the notices and reports to be made to the Occupational Pensions Regulatory Authority (OPRA), including the additional information to be given to scheme members.
t is intended for the measures introduced in these regulations to come into force on April 6, 2002.
By Janet Du Chenne
The Next Generation Pensions Committee is on a mission to promote and encourage younger voices in the industry. Kim Kaveh looks at its key objectives
This week's top stories included an analysis finding the cost of equalising guaranteed minimum pensions in schemes could hit FTSE 100 profits by up to £15bn.
Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.
Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.