The Pensions Regulator
"The Pensions Bill sets out proposals for a new pensions regulator to give better protection to members of work-based pension schemes and to reduce the compliance burden on well-run schemes.
"It will focus on protecting the benefits of pension scheme members, concentrating its effort on schemes where it assesses that there is a high risk of fraud, bad governance or poor administration. The Pensions Regulator will have important new powers to tackle under-funding.
"The Regulator will not overburden employers who provide pension schemes, enabling well-administered and funded schemes the freedom to continue supporting their schemes without being subject to constant, intrusive and burdensome regulation.”
Andrew Smith, Secretary of State for Work and Pensions, 12 February 2004.
- Find out more at the Pensions Regulator website.