OPRA meaning in Governmental ?

Answer:

What is Occupational Pensions Regulatory Authority mean?

The Pensions Regulator (TPR) is a non-departmental public body which regulates work-based pension schemes in the United Kingdom. Created under the Pensions Act 2004, the regulator replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005 and has wider powers and a new proactive and risk-based approach to regulation.

The Occupational Pensions Regulatory Authority was established by the Pensions Act 1995 and came into full operation on 6 April 1997. It replaced the Occupational Pensions Board as the regulator of occupational pensions in the UK.

The Pensions Regulator has a clear set of objectives:

to protect members’ benefitsto reduce the risk of calls on the Pension Protection Fund (PPF)to promote, and to improve understanding of, the good administration of work-based pension schemesto maximise employer compliance with automatic enrolment duties;to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of TPR’s functions under Part 3 of the Pensions Act 2004 only).

To meet these objectives The Pensions Regulator employs a risk-based approach, concentrating its resources on schemes which pose the greatest risk to the security of members’ benefits. The regulator also promotes high standards of scheme administration and works to ensure that those involved in running pension schemes have the necessary skills and knowledge.

David Norgrove was appointed the first chair of The Pensions Regulator in January 2005. After 2 terms, he was replaced by Michael O'Higgins in January 2011. Mark Boyle became Chair in 2014 and was reappointed for a second term.Lesley Titcomb became chief executive in March 2015 and was replaced by Charles Counsell in April 2019.

More information about the TPR board can be found here.

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