• Home
  • eAlerts
  • OPRA: Annual Report - April 1997-March 1998

OPRA: Annual Report - April 1997-March 1998

United Kingdom
28/01/1999
Download PDF

Annual Report - April 1997 - March 1998

This is OPRA's second annual report, but the first covering operations since it went live on 6 April 1997.

During the period covered by the report OPRA's helpdesk received 30,802 enquiries, 9,563 regulatory cases were opened and 5,155 cases closed. Fifty cases were referred to the OPRA board for official sanction, and total financial penalties of £9,100 were imposed on five people. Two trustees were disqualified from acting as trustee of any pension scheme and trustees were appointed by OPRA to 139 pension schemes. Two criminal prosecutions were authorised and 10 cases were referred to the police or Serious Fraud Office.

The most common source of cases involved late or non-payment of contributions, particularly by small employers contributing to multi-employer or multi-industry schemes.

Problems relating to the late preparation of audited accounts arose only from mid November 1997, when the requirement for audited accounts to be prepared within 7 months (instead of 12 months) first began to bite. This then became the second most reported issue.

The majority of cases in which regulatory action was needed involved small schemes with assets of under £1 million.

Search Filters

Advanced Search

Related content