▁the ▁powers ▁to ▁require ▁spons oring ▁companies ▁to ▁make ▁contributions ▁to ▁ensure ▁that ▁scheme ▁fund ing ▁object ives ▁are ▁met ; ▁and ▁the ▁P ension ▁Prote ction ▁Fund , ▁which ▁would ▁inherit ▁the ▁p ension ▁li abilities ▁of ▁a ▁p ension ▁scheme ▁in ▁the ▁event ▁that ▁a ▁spons oring ▁company ▁becomes ▁ins ol vent . ▁ ▁In ▁assess ing ▁the ▁consequences ▁of ▁the ▁Act , ▁there ▁is ▁evidence ▁that ▁corpor ate ▁divid end ▁and ▁invest ment ▁sens it iv ities ▁to ▁p ension ▁contributions ▁were ▁more ▁pron ounced ▁in ▁and ▁after ▁ 2 0 0 5 , ▁indicating ▁that ▁the ▁reg ulations ▁im posed ▁by ▁the ▁Act ▁had ▁a ▁significant ▁effect ▁on ▁corpor ate ▁exp end it ures . ▁ ▁Over view ▁The ▁main ▁features ▁of ▁the ▁Act ▁include : ▁▁ ▁The ▁abol ition ▁of ▁the ▁Occ up ational ▁P ensions ▁Reg ul atory ▁Author ity ▁and ▁its ▁replacement ▁by ▁the ▁P ensions ▁Reg ulator , ▁with ▁wider ▁powers ▁to ▁interven e ▁of ▁its ▁own ▁vol ition ; ▁ ▁New ▁powers ▁for ▁the ▁P ensions ▁Reg ulator ▁to ▁interven e ▁where ▁employ ers , ▁direct ors ▁and ▁majority ▁share hold ers ▁were ▁perce ived ▁to ▁be ▁avoid ing ▁their ▁respons ib ilities ▁to ▁p ension ▁schemes ▁and ▁where ▁employ ers ▁were ▁ins u fficient ly ▁res our ced ▁to ▁support ▁the ▁p ension ▁scheme ; ▁ ▁New ▁notification ▁requirements ; ▁ ▁The ▁establishment ▁of ▁the ▁P ension ▁Prote ction ▁Fund ▁to ▁provide ▁benefits ▁for ▁p ension ▁scheme ▁members ▁where ▁a ▁p ension ▁scheme