Paying the price for more security

The pension protection fund will impose a levy on all pension schemes but some members could find they are not liable for compensation if employers are trying to exploit the new system

While entitled 'Simplicity, security and choice', the Pensions Bill is mainly concerned with increasing security for members. This seems to have been at the expense of simplicity. There will be a new pensions regulator from April 2005, replacing Opra. According to the Government, the regulator will take a more flexible approach to make it easier for businesses to get on with running good pension schemes. It will focus on the under-funding, fraud and maladministration that can threaten members' benefits, while minimising interference for well-run schemes. Here, we explain the objectives of...