§ Mr. BoswellTo ask the Secretary of State for Work and Pensions if he will report progress on the requirements for reporting by third party administrators and insurers of pension schemes without trustees. [61908]
§ Mr. McCartneyFrom 1 April 2002, we introduced a range of measures to help speed up the process of winding-up pension schemes and to increase the accountability of those involved in running schemes. These measures include a requirement for those involved in the administration of pension schemes to report to the Occupational Pensions Regulatory Authority within 1 month of becoming aware that a scheme has no trustees.
As at 14 June 2002, 340 reports had been received by the Authority. These are under investigation.