Monday 31st July 2006
One year after the Pensions Regulator was set up, its first annual report has been published.
The report summarises issues that have now been responded to, such as the publication of a medium term pension strategy and the setting up of a business clearance process.
Guidance and codes of practice have been published, as well as the launch of an online "trustee training toolkit".
The regulator notes that 43,000 calls have been received by its customer support centre and 391 notifiable events have been reported.
"A year of intense transition has given the regulator a strong platform on which to build for the future," said the Pensions Regulator chief executive Tony Hobman.
He said that extensive consultation on all aspects of the regulators work and an active engagement in dialogue with industry bodies had taken place during this first year in operation.
"We know that much more needs to be done in the coming year but we welcome the prospect of reinforcing a risk-based yet flexible approach to the regulation of occupational pensions," he added.
The Pensions Regulator describes itself as set up to keep an eye on work-based pensions in the UK, with "wide-ranging and flexible powers under the Pensions Act 2004".
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