The following Risk & Compliance guidance note Produced in partnership with Wyn Derbyshire of gunnercooke LLP provides comprehensive and up to date legal information covering:
The Pensions Regulator is the UK regulator of work-based pension schemes. This Practice Note sets out the role and objectives of the Pensions Regulator, together with an introduction to the circumstances in which an organisation or individual may wish or be required to make contact with the Pensions Regulator. It also sets out the main areas of overlap between the work of the Pensions Regulator and other regulatory bodies.
The Pensions Regulator is an executive non-departmental public body sponsored by the Department of Work and Pensions. The Pensions Regulator was created by the Pensions Act 2004 (PeA 2004) to replace the Occupational Pensions Regulatory Authority (OPRA) as the UK's pensions regulatory body, however, the role of the Pensions Regulator and the extent of its powers are much wider in scope than those previously enjoyed by OPRA. See Practice Note: The role of the Pensions Regulator.
A work-based pension scheme is defined as:
an occupational pension scheme
a personal pension scheme where direct payment arrangements exist in respect of one or more members of the scheme who are employees, or
a stakeholder pension scheme
Direct payment arrangements are arrangements under which contributions fall to be paid by or on behalf of the employer:
on the employer’s own account (but in respect of the employee), or
on behalf of the employee out of deductions
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