Pensions authority is under review

The government has appointed former Nationwide Building Society chief executive Dr Brian Davis to review the work of the Occupational Pensions Regulatory Authority (OPRA).

OPRA was set up by the 1995 Pensions Act as one of a range of measures intended to improve the protection of occupational pensions schemes following the scandal involving Robert Maxwell and the ease with which he managed to make off with millions of pounds from pension schemes linked to his media empire.

The Department for Work and Pensions says that an initial consultation focusing on the effectiveness of the organisation will end on 2 August. The review will look at OPRA's past performance in relation to its aims and objectives; whether these aims and objectives are the right ones; how OPRA can best deliver on pensions regulation. The second stage of the review will concentrate on recommendations on the scope for improving the delivery of pensions regulation in general.