PART IITHE PENSIONS REGULATOR

General provisions about functions

Regulator's objectives4

1

The main objectives of the Regulator in exercising its functions are—

a

to protect the benefits under occupational pension schemes of, or in respect of, members of such schemes,

b

to protect the benefits under personal pension schemes of, or in respect of, members of such schemes within paragraph (2),

c

to reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection Fund (see Part III),

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in relation to the exercise of its functions under Part 4 only, to minimise any adverse impact on the sustainable growth of an employer,

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to maximise compliance with the duties under Chapter 1 of Part 1 (and the safeguards in sections 50 and 54) of the Pensions (No. 2) Act (Northern Ireland) 2008, and

d

to promote, and to improve understanding of, the good administration of work-based pension schemes.

2

For the purposes of paragraph (1)(b) the members of personal pension schemes within this paragraph are—

a

the members who are employees in respect of whom direct payment arrangements exist, and

b

where the scheme is a stakeholder pension scheme, any other members.

3

In this Article—

  • “stakeholder pension scheme” means a personal pension scheme which is or has been registered under Article 4 of the 1999 Order (register of stakeholder schemes);

  • “work-based pension scheme” means—

    1. a

      an occupational pension scheme,

    2. b

      a personal pension scheme where direct payment arrangements exist in respect of one or more members of the scheme who are employees, or

    3. c

      a stakeholder pension scheme.