The United Kingdom’s Pensions Regulator began business today by issuing its code of practice on reporting breaches, the first of a series of 12 mandatory codes. The second code of practice on notifiable events has been laid before Parliament.
The first code covers the duty to report significant breaches of the law relating to occupational and personal pension schemes (including stakeholder schemes) to the Pensions Regulator. Often referred to as “whistleblowing”, This responsibility applies to a wide range of people, including trustees, scheme managers, administrators, professional advisers, custodians of scheme assets, and employers, or to anyone involved in providing advice to trustees or scheme managers. This code came into effect on April 6, 2005.
The notifiable events code of practice covers the duty to notify the Pensions Regulator of specified scheme-related events (which trustees/managers must report) and employer-related events (which employers must report). This duty will apply to all defined benefit schemes which are eligible for entry to the Pension Protection Fund and to employers who sponsor such schemes.