Clause 13 - Provision of information,
Pensions Bill
4:30 pm
Mr Chris Pond (Parliamentary Under-Secretary, Department for Work and Pensions; Gravesham, Labour)
This is another short clause. It gives the regulator the power to provide information, education and assistance to those involved in the administration of work-based pension schemes. Those people include trustees, managers and employers, and those who advise the trustees and managers of such schemes. The clause also enables the regulator to help employers understand and comply with any responsibilities that they may have to provide their employees with access to pensions information and advice.
Empowering the regulator to assist trustees, managers and advisers in that way will implement one of the key recommendations of the quinquennial review of OPRA, which is that a proactive regulator should encourage compliance through the provision of educational and guidance material. The new regulator will operate a proactive regulatory approach, and the provision of information, education and assistance is a fundamental constituent of that approach. We believe that providing assistance at an early stage may help to prevent larger, more complex problems from occurring later, and in the long run, that will mean better protection for members.