요약
The Pensions Act 1995 introduced sweeping reforms to occupational pension scheme regulation in the UK following the Maxwell pension fraud scandal. It established the Occupational Pensions Regulatory Authority (OPRA, later replaced by The Pensions Regulator), introduced minimum funding requirements, and imposed fiduciary duties on pension trustees. The Act strengthened member protection and set the framework for modern pension governance.
핵심 포인트
- Established the Occupational Pensions Regulatory Authority (Part I)
- Set minimum funding requirement for defined benefit schemes (s.56–s.61)
- Required appointment of member-nominated trustees (s.16–s.21)
- Imposed statutory duty of care on trustees (s.33–s.36)
- Introduced equal treatment rule for pension benefits (s.62–s.66)
- Created Pensions Compensation Board for fraud cases (s.78–s.86)
- Enabled winding-up and deficiency provisions (Part III)
편과 조
개정 이력
2004 — Pensions Act 2004
Replaced OPRA with The Pensions Regulator, replaced minimum funding requirement with scheme-specific funding requirements, and established the Pension Protection Fund.
2008 — Pensions Act 2008
Introduced automatic enrolment into workplace pensions and created NEST (National Employment Savings Trust).