. . . we only work here
SO WHAT ARE all those pension regula- tors doing up in Newcastle on Tyne? Well, they are certifying that your pension scheme passes the test for contracting out of the state scheme, Serps, thus keeping you off the Treasury's back and protecting the state against you. They have powers of inquiry which compare with those of Board of Trade inspectors, but have never used them. They are specifically responsible for securing the disclosure of information to scheme members — but not (of course) if that involves them in an inappropriate ref- erence. In practice, some people do seem to have been less than perfectly informed about their pension schemes. Otherwise they would not have been so easily gulled out of their rights by smooth-talking insur- ance brokers. (They took advice, that is to say, from independent financial advisers.) Still, it must all help the OPB to make good its obligations under the citizens' charter. Its code of practice promises that inquiries will get prompt replies, clearly and concise- ly expressed. Quite so.
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