Part 1The Pensions Regulator

General provisions about functions

5Regulator’s objectives

I21

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 subsection (2),

c

to reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection Fund (see Part 2), and

d

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

I22

For the purposes of subsection (1)(b) the members of personal pension schemes within this subsection 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.

I13

In this section—

  • “stakeholder pension scheme” means a personal pension scheme which is or has been registered under section 2 of the Welfare Reform and Pensions Act 1999 (c. 30) (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.