UK - The Occupational Pensions Regulatory Authority has published new guidance for "voluntary whistleblowers" on when to report breaches of trust law.
OPRA “note six” – published last week – outlines the circumstances in which trustees, their professional advisers, scheme administrators and service providers have a legal duty to report.
The regulator wants to focus on matters that pose “serious risks” to members’ interests and the guidance is intended as reference for non-statutory reporters deciding whether or not to report a breach of law.
It uses OPRA’s “traffic-light” system which classifies legal breaches as red, amber or green depending on the risks they pose.
An industry consultation exercise was carried out at the beginning of the year on the new guidelines.
An OPRA spokeswoman said: “We believe that the trustees, administrator and others involved in running a scheme are well placed to identify potential risks and problems. The guidance gives helpful examples that provide a benchmark for judging whether to report.”
- Roadshow events explaining “note six” will be held in London and Edinburgh on May 25 and 28. More information is available from www.opra.gov.uk.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.