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From 6 April 2006, the Government introduced several new requirements designed to protect members of Occupational Pension Schemes, (i.e. a scheme where trustees are appointed).
The Pensions Act 2004 brought in new rules on internal controls. They stipulate that trustees or managers of an occupational pension scheme must establish and operate internal controls, to ensure the scheme is administered and managed in accordance with the scheme rules and the law.
Until 6 April 2006, companies could impose a minimum period of service before employees could qualify for the benefits of their occupational pension scheme. This was known as the vesting period, and could be up to two years.