The Pensions Regulator will replace Opra as the regulatory body for work-based pension schemes in April 2005.
One of the new Regulator’s functions will be to issue codes of practice for the pensions community. These will provide practical guidance on complying with the law, and will explain the standards of conduct and practice expected of pensions professionals.
Work on the new codes of practice is already under way, and the Pensions Regulator has had informal discussions with the pensions industry and others. External consultation is the next step in this process.
Over a period of time, at least ten codes of practice will be introduced, the group said. Consultation drafts of the first two will be issued shortly. The areas covered by the first two codes of practice are: reporting breaches of the law and notifiable events.
Reporting breaches of the law covers the duty to report significant breaches of the law to The Pensions Regulator. Under the new legislation, this duty will apply to a wide range of individuals, including people (such as IFAs) who give advice to trustees and scheme managers. Notifiable events covers the obligation to notify The Pensions Regulator of specified events relating to defined benefit schemes. This obligation applies to both trustees and employers.