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Institutional pensions regulator hands out record fines

The UK's Occupational Pensions Regulatory Authority (OPRA) dealt with a record 459 cases in the 12 months up to April 2001, over 12 times more than the previous year figure of 35.

The escalation in numbers follows changes to regulation in April 2000 which made late payment of pensions contributions by employers and late production of audited accounts a civil offence. They were previously criminal offences. OPRA imposed financial penalties totalling £158,000 (€259,900) in the year, as compared to the previous year figure of £66,200.

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