- The Pensions Regulator
The Pensions Regulator is a non-departmental public body which holds the position of the regulator of work-based pension schemes in the UK. Created under the Pensions Act 2004, the regulator replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005and has wider powers and a new proactive and risk-based approach to regulation.
The Pensions Regulator has a clear set of objectives:
- to improve confidence in work-based pensions by protecting the benefits of scheme members;
- to reduce the risk of situations arising that may lead to claims for compensation from the Pension Protection Fund (PPF); and
- to promote good administration of work-based pension schemes.
To meet these objectives the Pensions Regulator employs a risk-based approach, concentrating its resources on schemes which pose the greatest risk to the security of members’ benefits. The regulator also promotes high standards of scheme administration and works to ensure that those involved in running pension schemes have the necessary skills and knowledge.
David Norgrove was appointed the first chair of the Pensions Regulator in January 2005.
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