| Opra publishes new guide on pension scheme record keeping |
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| 08/07/2003 | |
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The Occupational Pension Scheme Regulatory Authority (Opra) has published a new guide, Record keeping for your pension scheme, aimed at assisting trustees of insured occupational pension schemes in their day-to-day operations. The guide explains what records they must keep to comply with the Pensions Act 1995. According to OPRA, although trustees may delegate the running of their scheme to an insurance company or other administrator, they need to make sure that the right records are kept on their behalf. The guide covers trustees' responsibilities to maintain financial records; members' records; records of trustee meetings, and records when a scheme starts to wind up. Opra has also published an updated version of its guide Appointing professional advisers. Aimed at trustees, this guide explains the different advisers that may be involved with a pension scheme; which advisers the law says a scheme must have; and how trustees must appoint those advisers, "so that each has a clear understanding of their roles and responsibilities". Opra has the power to investigate pension schemes considered to be at risk, and can prohibit or disqualify trustees and impose fines on wrongdoers. In addition, it has the power to collaborate with other regulators in providing information where that information would enable the regulator to carry out its duties.  |
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