Pension Schemes - organisations
- Department for Work and Pensions
- Financial Services Authority
- Government Actuary's Department
- Her Majesty’s Stationery Office
- Pensions Regulator
- Pensioneer trustee list
- Pension schemes home page
- Pension Tracing Service
The Department for Work and Pensions (DWP - a new Department comprising in parts the former Department of Social Security) is primarily concerned with providing efficient, high quality public services. The DWP helps develop and deliver government policy on pensions: presently working towards a new pensions organisation which will deliver a unified modern service for today's pensioners; as well as an improved service for tomorrow's pensioners, which will provide accurate information to help them make better decisions about future pension provision. DWP offers a service to help people trace pensions with which they have lost touch The Pensions Tracing Service.
The DWP manage the state pension and the State Earnings Related Pension Scheme (SERPS). They developed the detailed proposals for stakeholder pensions in conjunction with HM Treasury, drafted the relevant legislation and enabling regulations and remain responsible for publicising stakeholder pensions.
Please note that this list will not be updated from 6 April 2006.
The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000 to regulate the financial services industry in the UK. Its main aims are:
- Maintaining confidence in the UK financial system.
- Promoting public understanding of the financial system.
- Securing the right degree of protection for consumers.
- Helping to reduce financial crime.
Under this legislation the FSA regulates investment providers and the sale and marketing of investments including pension products. The FSA cannot recommend pension providers or advisers to say whether a particular pension is right for a given individual, but can help with general information about pensions and rights.
The Government Actuary's Department (GAD) provides an independent consultancy service to government departments, and to the public sector, both in the United Kingdom and overseas. It advises on a wide range of actuarial issues including social security, employer-sponsored pension arrangements and population projections. It also provides actuarial advice to the Inland Revenue and the Pensions Regulator on the regulation of employer-sponsored pension arrangements.
The Pensions Regulator is the statutory regulator in the UK for pension arrangements set up by employers. The Pensions Regulator takes action on reported breaches of pensions legislation. Their primary aim is to get problems put right and achieve compliance with the law. But the Pensions Regulator has the power to impose civil penalties on those responsible, if the matters are significant or not put right in a timely manner. Very serious matters are taken to court.
The Pensions Regulator maintains a register of all UK pension schemes at the Pension Schemes Registry in Newcastle upon Tyne. The Registry collects levies from schemes which pay for the activities of the Pensions Regulator, the Pensions Ombudsman, and the Pensions Advisory Service (OPAS). It will also collect levy for the Pensions Compensation Board when necessary.
Pensioneer Trustee list
It is a legal requirement that certain pension schemes, known as 'small self-administered schemes', cannot be approved without having a "pensioneer trustee". This is an individual or body recognised by the Inland Revenue as being widely involved with occupational pension schemes and having dealings with IR Savings, Pensions, Share Schemes (Pension Schemes).
The requirements are quite detailed but in short, a pensioneer trustee must undertake that he or she will not consent to any termination of a pension scheme of which he or she is trustee other than in accordance with the approved terms of the scheme's winding-up rule. He or she must also play a close role in the investment activities of the scheme. The Inland Revenue reserves the right to withdraw pensioneer trustee status should the circumstances warrant it, and schemes must be ready to deal with such an eventuality in specified ways. Fuller details are available in the published guidance.
Please note that this list will not be updated from 6 April 2006.
