In the years following the introduction of the Pensions Act 1995, it was widely perceived that it was failing to offer the protection to pension scheme members that had been anticipated. The Occupational Pensions Regulatory Authority was perceived as being reactive, didactic and uncommercial. The Minimum funding requirement had not prevented some pension schemes winding up with insufficient assets to secure their liabilities, amid considerable publicity. There was strong political pressure to establish a guarantee fund similar to the American Pension Benefit Guaranty Corporation. Much of the regulation was perceived to be unnecessarily restrictive. The end result was the Pensions Act 2004.
The main features of the Act include:
United Kingdom Statutory Instruments on The Pensions Act 2004 (Code of Practice) (Trustee Knowledge and Understanding) Appointed Day Order 2009
Dec 19, 2009; LONDON, Dec. 19 -- United Kingdom office of Public Sector information issues Statutory Instruments (2009 No. 3068) on "The...