Commentary on Sections Dissolution of existing bodies Section 300: Dissolution of OPRA
1274.This section dissolves the Occupational Pensions Regulatory Authority and provides for Opra’s outstanding functions, property, rights and liabilities. This section enables the Secretary of State to make provision by order for these to be taken over by the Regulator or the Secretary of State or, in the case of functions to be exercised, the Department for Social Development in Northern Ireland.
1275.Subsection (3) to (5) make provision in respect of information which was held by Opra and which is passed to the Regulator by virtue of the Regulator taking over Opra’s functions, property, rights or liabilities. Such information is, in the hands of the Regulator, to be subject to the same restrictions on use and disclosure as if it had been obtained directly by the Regulator, from the persons from whom Opra obtained it, in the exercise of the Regulator’s own functions.