The Pensions Regulator
Encyclopedia
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 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.
Non-departmental public body
In the United Kingdom, a non-departmental public body —often referred to as a quango—is a classification applied by the Cabinet Office, Treasury, Scottish Government and Northern Ireland Executive to certain types of public bodies...
which holds the position of the regulator of work-based pension schemes in the UK. Created under the Pensions Act 2004
Pensions Act 2004
The Pensions Act 2004 is an Act of the Parliament of the United Kingdom to improve the running of pension schemes.-Background:In the years following the introduction of the Pensions Act 1995, it was widely perceived that it was failing to offer the protection to pension scheme members that had...
, 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 FundPension Protection FundThe Board of the Pension Protection Fund is a Statutory Fund in the United Kingdom. It was created under the Pensions Act 2004. The Board of the PPF is a Statutory Corporation responsible for managing the Fund and for making payments to members....
(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
David Norgrove
David Ronald Norgrove is an English businessman, former chair of The Pensions Regulator and current chair of PensionsFirst.-Early life:...
was appointed the first chair of the Pensions Regulator in January 2005.