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22-589: The Occupational Pensions Regulatory Authority was established by the Pensions Act 1995 and came into full operation on 6 April 1997. It replaced the Occupational Pensions Board as the regulator of occupational pensions in the UK. The Pensions Regulator has a clear set of objectives: To meet these objectives The Pensions Regulator employs a risk-based approach, concentrating its resources on schemes which pose

44-565: A cash settlement worth up to £363 million with Sir Philip Green in relation to the BHS pension scheme. The arrangement, which gained the support of the trustees of the two BHS pension schemes, provided funding for a new independent pension scheme to give pensioners the option of the same starting pension as they were originally promised by BHS, and higher benefits than they would get from the Pension Protection Fund (PPF). In December 2018, it

66-534: A new, more powerful body. The "excoriating" final report of the Parliamentary inquiry into the collapse of Carillion, published on 16 May 2018, described TPR as "feeble": In June 2018, TPR's non-executive chairman, Mark Boyle, accepted the MPs' criticism but said the organisation's culture had changed to become clearer, quicker and tougher in its dealings with employers and pensions trustees. On 25 June 2018, TPR announced it

88-508: A non-legislative act by an executive or administrative body under the authority of a legislative act. Legislation to design or amend a bill requires identifying a concrete issue in a comprehensive way. When engaging in legislation, drafters and policy-makers must take into consideration the best possible avenues to address problem areas. Possible solutions within bill provisions might involve implementing sanctions , targeting indirect behaviors, authorizing agency action, etc. Legislation

110-454: A range of schemes that they were concerned were at risk of contagion as a result of the collapse of Carillion. It made use of available intelligence to target schemes covering liabilities of £85.5bn and more than 800,000 members. In cases where TPR has initiated anti-avoidance action by issuing a Warning Notice it has recovered more than £1bn, often through the use of settlement, avoiding a costly litigation process. In February 2017, TPR agreed

132-431: A review of its entire approach to regulation and has started to implement a new regulatory model to drive up standards and tackle risk by engaging proactively with a larger proportion of the schemes and employers it regulates. TPR's 'Making workplace pensions work' is a guide to its new way of operating. Pensions Act 1995 The Pensions Act 1995 ( c. 26 ) is a piece of United Kingdom legislation to improve

154-405: A society organized for political action, the will of the people as a whole is the only right standard of political action. It can be regarded as an important element in the system of checks and balances and representative democracy. Therefore, the people are implicitly entitled even to directly participate in the process of law-making. This role of linking citizens and their government and legislators

176-513: Is closely related to the concept of legitimacy. The exercise of democratic control over the legislative system and the policy-making process can occur even when the public has only an elementary understanding of the national legislative institution and its membership. Civic education is a vital strategy for strengthening public participation and confidence in the legislative process. The term " dead letter " refers to legislation that has not been revoked, but that has become inapplicable or obsolete, or

198-600: Is no longer enforced. In more simpler terms, it means that the legislation is gone. There are several types of dead letter laws. Some laws become obsolete because they are so hateful to their community that no one wishes them to be enforced (e.g., slavery ). Similarly, some laws are unenforced because a majority wishes to circumvent them, even if they believe in the moral principle behind the law (e.g., prohibition ). Finally, some laws are unenforced because no mechanism or resources were provided to enforce them. Such laws often become selectively enforced or tacked onto other crimes in

220-404: Is regarded as one of the three main functions of government, which are often distinguished under the doctrine of the separation of powers . Those who have the formal power to create legislation are known as legislators ; a judicial branch of government will have the formal power to interpret legislation (see statutory interpretation ); the executive branch of government can act only within

242-403: Is sometimes used to include these situations, or the term primary legislation may be used to exclude these other forms. All modern constitutions and fundamental laws contain and declare the concept and principle of popular sovereignty, which essentially means that the people are the ultimate source of public power or government authority. The concept of popular sovereignty holds simply that in

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264-427: Is usually proposed by a member of the legislature (e.g. a member of Congress or Parliament), or by the executive, whereupon it is debated by members of the legislature and is often amended before passage . Most large legislatures enact only a small fraction of the bills proposed in a given session . Whether a given bill will be proposed is generally a matter of the legislative priorities of the government. Legislation

286-547: The MFR, and also under the funding requirements introduced under the Pensions Act 2004. They find a strong negative relationship between a firm's dividend payments and its pension contributions, but a weaker effect on investments. They found that dividend and investment sensitivities to pension contributions were more pronounced after the introduction of the Pensions Act 2004. The Act also affects state pensions [1] . A significant change

308-653: The features introduced by the Act were abolished or amended by the Pensions Act 2004 . The MFR was heavily criticised in the Myners Report (2001), which was a HM Treasury sponsored report into institutional investment in the UK. The Myners Report identified three problems with the MFR: The Pensions Act 2004 replaced the MFR from September 2005 with a new scheme-specific "statutory funding objective" (SFO), allowing more flexibility to individual schemes' circumstances whilst at

330-492: The greatest risk to the security of members’ benefits. The regulator also promotes high standards of scheme administration and works to ensure that those involved in running pension schemes have the necessary skills and knowledge. David Norgrove was appointed the first chair of The Pensions Regulator in January 2005. After 2 terms, he was replaced by Michael O'Higgins (economist) in January 2011. Mark Boyle became Chair in 2014 and

352-476: The powers and limits set by the law, which is the instrument by which the fundamental powers of government are established. The function and procedures are primarily the responsibility of the legislature. However, there are situations where legislation is made by other bodies or means, such as when constitutional law or secondary legislation is enacted. Such other forms of law-making include referendums , orders in council or regulations . The term legislation

374-402: The running of pension schemes. Following the death of Robert Maxwell , it became clear that he had embezzled a large amount of money from the pension fund of Mirror Group Newspapers. As a result of this, a review was established to look into ways that the running of pension schemes could be improved. The end result was the Pensions Act 1995. The main features of the Act included: Many of

396-510: The same time protecting members' benefits. The Act established the Pension Regulator with the power to require sponsoring companies to fully fund their pension liabilities, by adopting an appropriate recovery strategy consistent with the SFO. Liu and Tonks (2012) examine the effect of a company's pension commitments on its dividend and investment policies, assessing the impact of funding rules under

418-649: Was announced that Southern Water will pay more money into its pension scheme over a shorter recovery period following an investigation by TPR. TPR took action over what it felt was an imbalance between the funds contributed to the Southern Water Pension Scheme and the level of dividends paid to shareholders in 2016 and 2017. In June 2017, TPR agreed a £74 million settlement for a third defined benefit (DB) pension scheme as part of its anti-avoidance investigation into thread manufacturer Coats Group Plc (Coats). Through its TPR Future programme, TPR has completed

440-554: Was considering issuing a contribution notice – a legally enforceable demand for a financial contribution to the pension deficit – against former Carillion directors. TPR is using its powers more often and testing powers it has not used previously. In the courts, it has brought prosecutions against 23 individuals or organisations in 2017-2019 for failure to provide information, wilful noncompliance with automatic enrolment duties and recklessly providing false or misleading information to TPR, fraud and compute misuse. In 2018, TPR engaged with

462-554: Was reappointed for a second term. Lesley Titcomb became chief executive in March 2015 and was replaced by Charles Counsell in April 2019. Mark Boyle stepped down in March 2021 and was replaced by Sarah Smart in April 2021, initially on an interim basis. Following the January 2018 collapse of construction and services company Carillion with extensive pension liabilities, The Pension Regulator faced calls that it should be scrapped and replaced by

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484-645: Was the phasing in of equalisation of state pension ages for men and women over a ten-year period. Legislation Legislation is the process or result of enrolling , enacting , or promulgating laws by a legislature , parliament , or analogous governing body . Before an item of legislation becomes law it may be known as a bill , and may be broadly referred to as "legislation" while it remains under consideration to distinguish it from other business. Legislation can have many purposes: to regulate, to authorize, to outlaw, to provide (funds), to sanction, to grant, to declare, or to restrict. It may be contrasted with

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