Summary
The Pension Schemes Act 2021 significantly augments the enforcement powers of the Pensions Regulator (“TPR”). The Act not only creates new criminal offences but also enables the regulator to make use of civil financial penalties and new powers of investigation. While the behaviour that catches TPR’s eye will likely remain unchanged, its power to deter and punish improper conduct will (as of October 2021) increase considerably. Below we take a look at the key changes industry practitioners should note.
Introduction
The Pension Schemes Act 2021 creates three new criminal offences concerning improper conduct in relation to defined benefit pension schemes, and confers new powers of investigation on TPR. The changes, which will carry the force of law from 1 October 2021, have been described by TPR as “a watershed moment in [its] mission to protect savers”.
Acting DG of PenCom, Aisha Umar-Dahir
By
Thu Apr 15 2021
The National Pension Commission (PenCom) has revealed that the Federal Government is yet to comply with the new minimum statutory rate of pension contribution of 18 percent since 2014.
This was revealed by the Director General of the Commission, Aisha Dahir-Umar, on the occasion of the oversight visit of the Senate Committee on Establishment and Public Services to Commission in Abuja on Wednesday.
Dahir-Umar also said the Federal Government was yet to pay approved 15 percent and 33 percent pension increases to pensioners under the Contributory pension Scheme (CPS) and the shortfall for payment of full retirement benefits of retired Heads of Service and Permanent Secretaries.
TPR: Only 1m individuals now accrue DB benefits
By Michael Klimes 16
th March 2021 3:38 pm
Members who accrue benefits in final salary plans have halved since 2012 according to new figures.
The Pension Regulator’s annual report on DB and hybrid schemes published today reveals the decline of DB schemes over the past decade.
It builds on previous releases, focusing specifically on the population of UK occupational DB pension schemes, effective as at 31 March 2020.
The update today is based on an extract from the pension schemes register and covers 5,604 schemes.
The watchdog explains the figures reflect schemes completing the process of winding-up, scheme mergers and schemes entering the Pension Protection Fund.
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