The Pension Schemes Act 2021 significantly increases The Pensions Regulator’s powers with the introduction of two new criminal offences, as well as new investigatory and interview powers.
Trustees will increasingly need to monitor, analyse, and engage with the sponsor on a wider range of business activities which may be in scope of the new contribution notices.
Trustees will need to engage early with the sponsor on any such activity and take advice where appropriate to avoid falling foul of the new regime as the penalties can be severe, including £1m fines and up to seven years in jail.
We look at:
- How might pension trustees respond in light of the new legislation?
- Examples of corporate activity that trustees should monitor for
- How should trustees monitor?
- New interview and inspection powers
How we can help
We provide individual and high quality actuarial advice, taking a collaborative approach between trustees, employer and advisers, to ensure a focus on good member outcomes.
Whether to enter a DB Consolidator is a complex decision. Sponsors and Trustees must be sure it is the right decision for their scheme and its members. We can help.
We help pension scheme trustees and sponsors to determine the ultimate destination for their scheme and help them put together a plan to get there, including how to effectively manage the risks they face along the way.
We help trustees achieve their strategic goals, with solution-led, appropriate advice.