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Introduction

Created by the Pensions Act 2004, The Pensions Regulator (TPR) replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005. TPR has wider powers and a more proactive and risk-based approach to the regulation of occupational pension schemes.

TPR has a clear set of objectives, as follows:

1. •

   to protect the benefits of members of occupational pension schemes

2. •

   to protect the benefits of members of personal pension schemes (where there is a direct payment arrangement)

3. •

   to promote, and to improve understanding of, the good administration of work-based pension schemes

4. •

   to reduce the risk of situations arising that may lead to claims for compensation from the Pension Protection Fund (PPF)

5. •

   to maximise employer compliance with employer duties (including the requirement to automatically enrol eligible employees into a qualifying pension provision with a minimum contribution) and with certain employment safeguards

6. •

   to minimise any adverse impact on the sustainable growth of an employer, in relation to the exercise of the regulator’s functions under Pensions Act 2004, ss 221–233 (Part 3)

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