UK- Occupational pensions regulator Opra is to undergo a review of its functions, role and management. The department for work and pensions has appointed former CEO of Nationwide Building society Brian Davis to lead a performance review.
Today it published a consultation document that is available to those with an interest in, or affected by, the regulator’s work. Says pensions minister Ian McCartney: “the review will ensure that the services provided by Opra are delivered in a way that best meets the needs of those it serves and that it is managed in the most effective way. It will also consider what additional, proactive safeguards should be introduced.”
Opra was established by the 1995 pensions act to oversee and to protect people’s occupational pensions. As a non-departmental public body, it is subject to periodic reviews of its efficiency.
The review will be in two stages- first is an analysis of the effectiveness of the way the organisation develops its services while the second stage make suggestions for future development and management.
The initial consultation phase is due to end at the beginning of August. Details of the consultation document are available on the DWP website www.dwp.gov.uk or on the Opra website, www.opra.gov.uk.