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Dept for Work and Pensions

Answer

Mr. Leigh: To ask the Secretary of State for Work and Pensions when the Occupational Pensions Regulatory Authority expects to have in place a fully developed risk model that targets schemes where funds may be at risk as recommended by the Committee of Public Accounts in its 15th Report of 2002-03. [177254] Malcolm Wicks: In the light of the recommendations of the Committee of Public Accounts, the Occupational Pensions Regulatory Authority (Opra) has been seeking, within the framework of its statutory powers and obligations, to refocus its resources on issues that present a real risk to members' benefits. In October 2003, Opra published revised guidance to scheme professionals on the reporting of breaches: statutory whistleblowers (scheme auditors and actuaries) are now expected to consider the nature and impact of any breach they identify before deciding whether or not to make a report to the authority. In May 2004, Opra also issued revised guidance to non-statutory whistleblowers. Copies of Opra's latest guidance to both statutory and non-statutory whistleblowers (Opra Note 1 and Opra Note 6, respectively) are available in the Library. On 11 February, the Government published the Pensions Bill 2004, which proposes to replace Opra with a new regulatory body--The Pensions Regulator-- from April 2005. The Bill provides that the Pensions Regulator, in accordance with the recommendations of the 15th Report of 2002-03 of the Committee of Public Accounts will have statutory objectives to protect the benefits of members of work-based pension schemes and to promote, and improve the understanding of, the good administration of such schemes. The proposals contained within the Pensions Bill will enable the Pensions Regulator to target its resources on the areas that pose the greatest risk to members' benefits. The new Pensions Regulator will begin operating its risk model from the organisation's inception, and will develop it as its information base improves. To prepare the ground, the Department is currently working with Opra to identify the information and analysis needed to give effect to a fully risk-focused approach as quickly as possible.

Secondary information

Type

Written question

Reference

177254; 422 c477-8W;422 c478W

Session

2003-04

Subjects

Insolvency Workplace pensions Pensions Pension funds Occupational Pensions Regulatory Authority Pensions Regulator

Link

View this Written question on www.publications.parliament.uk