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The Pensions Regulator is the regulator of work-based pension schemes in the UK. We opened for business in April 2005, replacing Opra, the Occupational Pensions Regulatory Authority. The Pensions Act 2004 gives the Pensions Regulator a set of specific objectives: • to protect the benefits of members of work-based pension schemes; • to promote good administration of work-based pension schemes; and • to reduce the risk of situations arising that may lead to claims for compensation from the Pension Protection Fund. In order to meet these objectives, we concentrate our resources on schemes where we identify the greatest risk to the security of members' benefits. We will also promote high standards of scheme administration, and work to ensure that those involved in running pension schemes have the necessary skills and knowledge.