Work schemes 'named and shamed'

People who work for small companies that run occupational pension schemes can now keep check on how well their scheme is run.

The Occupational Pensions Regulatory Authority (Opra), which overseas company pension schemes has launched an online "naming and shaming" exercise.

Previously, the occupational pensions regulator has only published the results of its civil hearings anonymously.

Opra says that this public disclosure is necessary under humans rights legislation and in anticipation of the Freedom of Information Act becoming law in 2003.

More transparency

Nick Edmans of Opra said that it would mean that occupational members could keep track of their pensions more easily.

He said: "It will allow for more openness and transparency. If you want members to be vigilant this is the means to this sort of information.

"We would like people to be more active about keeping an eye on their own schemes."

The Pensions Ombudsman, which deals with cases when people have an individual complaint against a pension scheme, started publishing the results of its inquiries in April 2001.

These "determinations" are available on its website.

Heavy caseload

Opra receives 70,000 complaints against occupational pension schemes each year.

One of the two most popular complaints is over delays between deductions from an employee's salary and when payments are made into the pension scheme.

The other most commonly cited problem is a failure to submit audited accounts, due seven months after the year's end.

The scheme will mainly help people who work for small companies, as larger pension schemes tend to have more resources to comply with regulatory requirements.

The website contains a search facility where you can search for specific searches against schemes, or employers. It is also possible to search by date and by type of breach.

Opra is responsible for regulating occupational pension schemes, as well as stakeholder schemes

You can contact Opra on 01273 627600

Alternatively, write to the Occupational Pensions Regulatory Authority, Invicta House, Trafalgar Place, Brighton, East Sussex BN1 4DW.