The new Pensions Regulator revealed its new remit at an NAPF conference yesterday, two weeks before it replaces Opra which will cease to exist after 6 April.
Justin Wray, manager of strategy formulation at the Pensions Regulator , addressed a number of regulatory issues and discussion topics including how the new body will operate, why it has come into existance and its new powers.
Wray says its remit will be to protect members' benefits, reduce the risk of calls on the Pensions Protection Fund (PPF) and enhance understanding and administration of work-based pensions.
New regulatory tools afforded the new body include a duty to report notifiable events and breaches of pensions law. It will also need to explain the purpose of codes of practice, which include practical guidance on how trustees and employers can comply with their requirements under the Pensions Act 2004.
Last week the Regulator put out a consultation paper for its draft code of practice on trustee knowledge and understanding.
Code of practice on reporting breaches will take effect on 6 April, while the code of practice on notifiable events will be put infront of parliament soon.
Other codes of practice under consultation are trustee knowledge and understanding and funding defined benefits, with the consultation period ending on 10 June and 6 May respectively.IFAonline
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