Dissolution of existing bodies
Section 300: Dissolution of OPRA
1274.This section dissolves the Occupational Pensions Regulatory Authority and provides for Opra’s outstanding functions, property, rights and liabilities. This section enables the Secretary of State to make provision by order for these to be taken over by the Regulator or the Secretary of State or, in the case of functions to be exercised, the Department for Social Development in Northern Ireland.
1275.Subsection (3) to (5) make provision in respect of information which was held by Opra and which is passed to the Regulator by virtue of the Regulator taking over Opra’s functions, property, rights or liabilities. Such information is, in the hands of the Regulator, to be subject to the same restrictions on use and disclosure as if it had been obtained directly by the Regulator, from the persons from whom Opra obtained it, in the exercise of the Regulator’s own functions.
Section 301: Transfer of employees from Opra to the Regulator
1276.Subsection (1) of this section provides that the terms and conditions of employment of staff who transfer from Opra to the Regulator will be protected by the transfer expressly being made subject to the provisions of the Transfer of Undertakings (Protection of Employment) Regulations 1981 (SI 1981/1794). However, as those Regulations do not protect occupational pension rights, subsection (2) expressly allows for such rights relating to such staff to be protected.
Section 302: Dissolution of the Pensions Compensation Board
1277.This section dissolves the Pensions Compensation Board (PCB) and provides for the PCB’s outstanding functions, property, rights and liabilities. This section enables the Secretary of State to make provision by order for these to be taken over by the Board of the Pension Protection Fund or the Secretary of State or, in the case of functions to be exercised, the Department for Social Development in Northern Ireland.
1278.Subsections (3) to (5) make provision in respect of information which was held by the PCB and which is passed to the Board of the Pension Protection Fund by virtue of the Board taking over the PCB’s functions, property, rights or liabilities. Such information is, in the hands of the Board of the Pension Protection Fund, to be subject to the same restrictions on use and disclosure as if it had been obtained directly by the Board, from the persons from whom the PCB obtained it, in the exercise of the Board’s own functions.