Commentary on Sections Summary
17.The Occupational Pensions Regulatory Authority (Opra) will be replaced by a new Non-Departmental Public Body (NDPB), the Pensions Regulator (referred to hereafter in the Act and these Notes as the Regulator).
18.Opra’s existing powers will be carried forward to the Regulator. In addition the new regulatory body will have statutory objectives and functions that provide a framework for its activity.
19.The Regulator will aim to operate a targeted and proportionate regulatory regime, applying greater regulatory scrutiny where it considers members benefits are most at risk. This approach will be supported by increased powers to gather, retain and share information. The information gathered will be subject to analysis to help identify those schemes where members’ benefits are more likely to be at risk.
20.The Act will introduce a range of new powers including:
	issuing improvement notices or third party notices to remedy breaches;
	the ability to freeze a scheme to protect members’ benefits or scheme assets whilst investigations by the Regulator take place;
	power to issue a contribution notice, or financial support directions and to make orders in respect of transactions at an undervalue;
	increased powers covering the prohibition, suspension and removal of trustees;
	increased whistleblowing responsibilities and duties to report certain events.
21.The Regulator will also be able to issue codes of practice. This will provide those involved in pensions, with practical guidance in relation to their duties and responsibilities under pensions legislation, thus assisting schemes in improving compliance and encouraging best practice. In certain areas the Regulator will be legally obliged to provide codes of practice, for example, on disclosure of information to scheme members.
22.The Act establishes a new tribunal – the Pensions Regulator Tribunal – to hear references from the Regulator’s determinations.