Replaces Opra in 2005 when it takes over the regulation of occupational pensions and specific functions of personal pensions and stakeholder pensions. It is also assuming new functions. The Regulator will be funded by a levy on relevant schemes. The Pensions Regulator Tribunal will be established to handle references from determinations by the Regulator. There will be a new criminal offence for failing to attend on a witness summons before the Tribunal.