Plain English Guide To The Pensions Act 2004 - New Version

We have revised the Plain English Guide to take into account all of the regulations and regulatory publications which have so far been issued in 2007. The Guide also takes into account the draft regulations which have been issued in relation to the Financial Assistance Scheme and the payment and calculation of debts due under section 75 of the Pensions Act 1995.

1. Introduction

The Pensions Act 2004 received Royal Assent on 18 November 2004 and was published on 29 November 2004. This Guide summarises the provisions of the Act and looks at how they work in practice.

Each section of the Guide deals with a particular area of the Act and incorporates references to relevant Regulations and Codes of Practice.

Each section also contains a timetable of when the relevant changes came into force and by when pension schemes will need to comply with them.

If you have any queries about the content of this Guide or would like any further assistance on any of the matters raised, please contact Mark Grant or your usual contact in the pensions team at CMS Cameron McKenna LLP.

This Guide is not intended to be a comprehensive review of this area of law. Specific advice should always be sought on any particular subject.

2. The Pensions Regulator (including "moral hazard" provisions)

Sections 1-106 Pensions Act and Schedules 1-4

2.1 Background

In the December 2002 Green Paper, Simplicity, Security and Choice: Working and Saving for Retirement, the Government observed that the existing pensions regulator, Opra (operating from April 1997 following creation by the Pensions Act 1995) was mainly a reactive regulator, taking action in response to reports of problems with pension schemes and as a result could not anticipate problems and intervene proactively. Therefore it was proposed that a new, more proactive regulator be...

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