“Whistleblowing” – the duty to report breaches
Viewed by the Pensions Regulator (TPR) as a “vital part of the regulatory framework”, the new “whistleblowing” requirements under the Pensions Act 2004 (PA 2004) came into force on 6 April 2005. The provisions of PA 2004 are supplemented by the TPR code of practice and supporting guidance. The whistleblowing duty covers the duty of report material breaches of the law relating to occupational and personal pension schemes (including stakeholder schemes) in writing to TPR. Crucially, from 6 April 2005, the responsibility for reporting breaches falls upon a significantly expanded group, including trustees, scheme managers, administrators, certain professional advisers (including lawyers) and employers (reporters). It is therefore essential that all reports have a procedure in place for dealing with this new responsibility.