GLOSSARY

Pensions Regulator definition

What does Pensions Regulator mean?

The Pensions Regulator was established under the Pensions Act 2004 to replace the dysfunctional OPRA in April 2005. Its main purposes are to: protect the benefits of members of company pension arrangements (whether trust or contract based); keep claims on the Pension Protection Fund to a minimum; and facilitate good pension administration.

To achieve these purposes, it has extensive powers, including: provider of information, education and assistance to pension schemes and their advisers; power to serve:

– improvement notice;

– third party notice;

– freezing order;

– prohibition order;

– contribution notice;

– financial support direction; and

– restoration order.

Longer term is role will diminish as the number of defined benefit schemes diminishes – but it is trying to find a role for itself in defined contribution schemes.


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