General provisions about functions
Section 4: Regulator’s functions
43.The Regulator has both the functions which are transferred to it from Opra (also see section 7 for detail on the transfer of Opra’s powers) and other functions conferred on to it by the Act and any other enactments.
44.This section sets out further detail on how the Regulator will discharge its functions. The non-executive functions set out in section 8(4) must, by virtue of section 8(2) be discharged by the committee established under section 8. It also reserves the discharge of certain of the Regulator’s regulatory functions to a special committee called the Determinations Panel established under section 9. The Regulator’s general power to delegate certain functions is subject to the Secretary of State’s power to make regulations limiting such delegation (see paragraph 21 of Schedule 1).
45.The Regulator will also be able to act, as Opra does now, as a prosecutor. No specific legislative provision is required to permit this.
Section 5: Regulator’s objectives
46.The main objectives of the Regulator in discharging its functions are to protect the benefits of members (i.e. members of occupational pensions schemes or stakeholder pension schemes, and members of personal pension schemes who are employees in respect of whom direct payment arrangements exist and, in cases where the scheme is a stakeholder pension scheme, any other members) of work-based pensions (i.e. all occupational and certain personal pension schemes), to reduce the risk of situations arising which may lead to calls for compensation from the Pension Protection Fund, and, to promote the good administration of the schemes which it regulates.
Section 6: Supplementary powers
47.The Regulator may do anything (except borrow money) which is calculated to facilitate the exercise of its functions, or is incidental or conducive to their exercise. This power enables the Regulator to, for example, lease office space, print stationery, etc.
Section 7: Transfer of Opra’s functions to the Regulator
48.The functions of Opra under the Pension Schemes Act 1993, the Pensions Act 1995, and the Welfare Reform and Pensions Act 1999 are transferred to the Regulator, with definitions amended accordingly.
