§ Mr. Heald
The Pensions Bill has completed its passage through Parliament. It will greatly improve the regulation of occupational pensions without imposing undue costs on employers or schemes. It provides a clear framework of statutory obligations on employers, trustees, scheme professionals and others involved with occupational pensions and underlines the fact that it is the trustees who are responsible for running schemes. It establishes a statutory minimum funding requirement to ensure the adequacy of pension fund assets, an occupational pensions regulatory authority with robust and wide-ranging powers, and a compensation scheme to cover the loss of funds dishonestly removed.
These measures will increase confidence in occupational pension schemes and thus encourage people to build funded pension provision for their retirement.