Part 1The Pensions Regulator
Annual report
11Annual reports to Secretary of State
1
The Regulator must prepare a report for each financial year.
2
Each report—
a
must deal with the activities of the Regulator in the financial year for which it is prepared, including the matters mentioned in subsection (3), and
b
must include the report prepared under subsection (5) of section 8 by the committee established under that section.
3
The matters referred to in subsection (2)(a) are—
a
the strategic direction of the Regulator and the manner in which it has been kept under review;
b
the steps taken to scrutinise the performance of the Chief Executive in securing that the Regulator’s functions are exercised efficiently and effectively;
c
the Regulator’s objectives and targets (including its main objectives as set out in section 5 or in any corresponding provision in force in Northern Ireland) and the steps taken to monitor the extent to which they are being met.
4
The Regulator must send each report to the Secretary of State as soon as practicable after the end of the financial year for which it is prepared.
5
The Secretary of State must lay before each House of Parliament a copy of every report received by him under this section.
6
In this section “financial year” means—
a
the period beginning with the date on which the Regulator is established and ending with the next following 31st March, and
b
each successive period of 12 months.