The Pension Schemes Act 2021 significantly increases The Pensions Regulator’s powers and further adds to the obligations for DB scheme sponsors and trustees.
The new powers will be enforceable once regulations are laid and this is expected to occur around the same time as The Pensions Regulator issues its guidance on how it will use these new powers (expected later in 2021). While the new powers are not expected to be retrospective, there is a risk that aspects of them could be. They illustrate the mood music from the Regulator and so should be considered in the context of current corporate activity, particularly in case of overlap with the new regime.
Directors and trustees will need to take legal and other specialist advice to ensure they don’t fall foul of the new regime as the penalties can be severe, including £1m fines and up to seven years in jail.
Read our summary of the criminal penalties and how to avoid them.
We look at:
- How to keep safe from prosecution, fines and “Contribution Notices”
- Examples of corporate events potentially at risk
- Examples of trustee events potentially at risk
- What you must notify the Regulator of
- What if you get it wrong?
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.
We help trustees achieve their strategic goals, with solution-led, appropriate advice.
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.