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Role of The Pensions Regulator

Produced by in association with John Hayward
Employment Tax
Guidance

Role of The Pensions Regulator

Produced by in association with John Hayward
Employment Tax
Guidance
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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)

To

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  • 15 Nov 2022 16:10

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