Pension Regulator sets out remit

The new Pensions Regulator is today setting out its remit as it prepares to take over pensions regulation from Opra next month.

Justin Wray, manager of strategy formulation at the Pension Regulator, told a conference in London that regulatory tools at its disposal included the duty to report notifiable events and breaches of pensions law.

He reminded them that the code of practice on reporting such breaches would come into force on April 6, while the code on notifiable events would be laid before Parliament shortly.

He also stated that the regulator would protect members’ benefits, reduce the risk of calls on the Pensions Protection Fund, and would improve the understanding and administration of work-based pensions.