Part 1

The Pensions Regulator

General provisions about functions

Regulator’s objectives
5
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 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.
2
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.
3
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. an occupational pension scheme,
  2. a personal pension scheme where direct payment arrangements exist in respect of one or more members of the scheme who are employees, or
  3. a stakeholder pension scheme.