6 April 2005 – what you need to know

A number of the provisions of the Pensions Act 2004 went live on 6 April 2005. Those involved with pension schemes need to be aware of some of the key changes.

Opra has been replaced with a tougher Pensions Regulator with much more far-reaching powers. Some of the key issues to be aware of in relation to the new Regulator are:

• Whistleblowing obligations have been extended and now apply to trustees, anyone involved in the administration of the scheme (e.g. a pensions manager or third party administrators), employers and anyone providing advice to the trustees. Reports should be made where a person has reasonable cause to believe that there has been a breach of a duty imposed by law relating to the administration of the scheme which is likely to be of material significance to the exercise of the Regulator’s functions. A code of practice and guidance have been issued providing guidance on when reports should be made and what the Regulator might view as being of material