The Pensions Regulator

Pensions Regulator welcomes Pensions Minister Stephen Timms at industry event

Ref: PN05-17
8 June 2005

The Pensions Regulator welcomed the new Pensions Minister Stephen Timms today at a networking event for senior industry figures.

Greeting the Minister and guests from across the pensions industry, the chair of the Pensions Regulator David Norgrove, and chief executive Tony Hobman introduced the regulator’s board members and new executive directors. They also highlighted the importance of collaborative working and good communication in promoting effective regulation, and thanked delegates for the contributions their organisations have made to developing the new regulatory regime.

Speaking at the event, Stephen Timms, Minister for Pensions at the Department for Work and Pensions said:

"The new Pensions Regulator has been set up to provide added security for over 10 million members of final salary schemes and help establish confidence in occupational pensions amongst both employers and employees.

I am very pleased to be here and meet the new regulator. I have every confidence that the spirit of collaborative working that has enabled this organisation to be put in place will play an important part in helping to restore trust in occupational pensions."

David Norgrove welcomed guests and highlighted the need for partnership working:

“Following the introduction of the Pensions Act 2004, the ‘new kind of regulator’ called for by Alan Pickering in 2002 is now a reality. I hope to work closely with all the organisations represented here today to provide the best possible protection for pension scheme members.

The Pensions Regulator has wider powers to protect members’ benefits and we are already establishing close relationships with large schemes where, should any problems arise, there could be a serious impact on a very large number of people. Our risk-based approach will focus our attention and resources where it is most needed.”

Emphasising the importance of industry consultation, Tony Hobman said:

“It has been extremely important for us to work collaboratively in virtually all aspects of developing the new regulator. We have worked with a wide range of people within the industry including employers, trustees, advisers, insurers and other government bodies. Consultation has been an essential factor in developing and reviewing our codes of practice.

This activity is set to continue throughout the year and beyond, with the issue of further codes of practice and guidance, the collection and analysis of scheme returns, and developing scheme relationships. Our work has an impact on the pension community, so it is essential that we continue to closely involve our industry partners.”

Throughout June, pensions professionals, employers and trustees also have the opportunity to meet regulatory staff at a series of regional roadshows hosted by the Pensions Regulator. Places are still available at events in Cardiff and Belfast. For further information visit www.thepensionsregulator.gov.uk/mediaCentre
/events/events-01.aspx.

Editor's notes

1. The event took place at the Founders Hall in London.
2. The Pensions Regulator is committed to providing the opportunity for face-to-face communication about regulatory issues.
3. The Pensions Regulator has been established as the new regulator of work-based pensions in the UK, with wider and more flexible powers under the Pensions Act 2004. It has replaced Opra which no longer exists.
4. The new powers of the Pensions Regulator include the ability to:
   • collect more detailed scheme information;
   • impose a statutory obligation on 'whistleblowers' to report suspected breaches of the legislation to the regulator;
   • issue improvement notices and third party notices, enabling the regulator to ensure problems are put right;
   • freeze a scheme that is at risk, while the regulator investigates; and
   • prohibit trustees who are judged not fit and proper to carry out their duties.
5. The scheme return gathers information from occupational pension schemes relating to matters such as scheme status, type, membership, funding and investment. This information will enable the regulator to analyse trends and risks across occupational pension schemes.
6. The Pensions Act 2004 requires the regulator to issue codes of practice on a range of subjects. Codes of practice give practical, straightforward information on how to comply with the legislation. Codes of practice are not statements of the law. However they do have evidential value, meaning they will be taken into account by the determinations panel, a court or tribunal where relevant.