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.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.