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Pension bodies set out roles

The DWP, Pensions Regulator and the Pension Protection Fund have published a memorandum setting out the specific role of each body and how they will work together to improve pension security.

The document separates responsibilities based on the four principles of clear accoun-tability, transparency, no duplication of workload and regular and appropriate inform- ation exchange. It says while the DWP has no responsibility for the operational activities of the Pensions Regulator or the PPF, it does have a role in the stewardship of the two bodies.

This stewardship will involve scrutiny and approval of ann-ual business plans, receiving reports on performance and outcome measurement, receiving financial reports and exch-anging information and analysis of trends and risks.

Pensions Minister Stephen Timms says: “It allows the public to see that the Pensions Regulator and the PPF are work-ing together.”

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