Pensions Act (1995) Amendments, 2004

United Kingdom Current 1995

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.

Scope

Governance

Industry sectors covered by the instrument

Specific sector/s

Organizations covered by the instrument

Large listed companies - pension funds

Issuer type

Finance/Treasury

Type of instrument

Legislation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners