The Pensions Regulator (TPR), an executive non-departmental public body of the Department for Work and Pensions, is the UK regulator for work-based pension schemes. TPR’s post was created on 6 April 2005 by section 1 of the Pensions Act 2004 (PeA 2004) and replaced the Occupational Pensions Regulatory Authority (otherwise known as OPRA), the previous pensions regulatory body. The role of TPR and its powers are, however, much wider in scope than those of its predecessor.
TPR is required to establish the non-executive committee (to enable it to discharge its non-executive functions) and the Determinations Panel (to exercise its 'reserved regulatory functions').
For further information, see Practice Note: The role of the Pensions Regulator.
TPR’s principal objectives are set out in PeA 2004, s 5. These include:
protecting the benefits under occupational pension schemes of, or in respect of, members of such schemes
protecting the benefits under personal pension schemes of, or in respect of members of such schemes who are employees in respect of whom direct payment arrangements exist and, when the scheme is a...
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