26 October 2007
Auditors this week published a glowing report on the independent Pensions Regulator, noting that oversight of the sector has improved markedly since it was set up in 2005.
A National Audit Office study of the regulator, a non-departmental public body sponsored by the Department for Work and Pensions to scrutinise private sector occupational pension schemes, was published on October 26.
It found that 'good progress' had been made since the new body took over from the Occupational Pensions Regulatory Authority.
Five years ago, the NAO reported that Opra had 'inadequate powers'. Today, 73% of the new regulator's stakeholders 'consider that it has adequate powers'.
The new body 'has been effective in establishing clear links between its statutory objectives and how it goes about meeting them', the report said.
But auditor general Sir John Bourn warned that improvements must go beyond final salary schemes. 'The next step is to… roll out the same level of regulatory oversight to money purchase schemes.'
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