The UK Pensions Act was introduced in the late 1990s to improve the running of pensions. It included features such as improved disclosure of information to penson fund members. It was amended by the Pensions Act 2004. The amended Act places a statutory duty on scheme auditors to report breaches of the law, commonly referred to as ‘whistleblowing’, to the Pensions Regulator as soon as reasonably practicable. Whistleblowing reports are recognised as a key source of information and helps the regulator fulfil its statutory objectives for work-based pensions. At the same time it is recognised that not every breach poses a material threat to a scheme and the risk to members’ benefits, for example, may be minimal. Scheme auditors follow recommended steps before deciding to submit a report.
Industry sectors covered by the instrument
Organizations covered by the instrument
Large listed companies - pension funds
Type of instrument
Mandatory or voluntary
The geographical scope