UK – New legislation that places greater visibility on those involved with winding up occupational pension schemes is to be implemented in April, says pensions minister, Ian McCartney.

McCartney says that other than ensuring scheme members receive the benefits to which they are entitled under the new regulations, speeding up the winding up of occupational plans will also reduce costs and make the whole process more efficient.

Under the reforms, scheme trustees will need to make regular progress reports to the Occupational Pensions Regulatory Authority (OPRA), which will in turn be able to take action against those directly responsible if it considers that the winding up of a scheme is being “unreasonably” delayed.
The changes are being introduced in phases over a four-year period, so schemes that are further down the winding up road will need to report to OPRA first.

Says McCartney: “The phased approach to these new requirements will give trustees of schemes that have recently begun to wind up time to fully understand their responsibilities under the new regulations.”

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