Many of the provisions of the Pensions Act 2004 came into force on 6 April, 2005. What are the key changes and what are the implications for corporates, their stakeholders and trustees?
The Occupational Pensions Regulatory Authority (OPRA) no longer exists, and has been replaced by the Pensions Regulator. There is a fund, the Pensions Protection Fund (PPF), that will be available to compensate employees who have lost out on their pensions as a result of employer insolvencies. The PPF will be funded by a levy on pension schemes. All of this is good news for pensioners.
