Opra Note 6 – new traffic light system for voluntary whistleblowers
On 12 May 2004, Opra issued a revised Opra Note 6 which offers guidance to non-statutory (or voluntary) whistleblowers on reporting breaches to Opra. This follows the publication of a reworked Opra Note 1, Opra’s guidance for statutory whistleblowers (i.e. the scheme actuaries and auditors), in October 2003. Like Opra Note 1, the revised Opra Note 6 sets out a new “traffic light” system for reporting breaches. Under section 48(4) of the Pensions Act 1995, voluntary whistleblowers (such as scheme trustees, administrators and other professional advisers) have the power to report breaches of the law relating to an occupational pension scheme to Opra. The impetus behind the new system is to help voluntary whistleblowers understand when they should exercise this power.