Pensions Act 2004, Part 35
The Act is in nine parts and includes provisions to: i) establish a non-departmental public body called the Pensions Regulator to replace OPRA. This will take over responsibility for regulation of occupational pensions and specific functions of personal pensions and stakeholder pensions, as well as assume new functions including referring determinations to a Pensions Regulator Tribunal; ii) create a new Pension Protection Fund (PPF) to provide compensation for members of occupational pension schemes in cases where insolvent employers leave insufficient pension funds; iii) introduce a new explicit Ministerial function to promote and facilitate financial retirement planning, including powers to require employers to provide pension planning advice access for employees in the workplace; and iv) provide greater flexibility and simplicity in pension scheme administration and greater clarity in existing pensions law.
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