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Pensions Sector Calls For Clarity On Watchdog s New Powers
Law360, London (April 21, 2021, 12:06 PM BST) A trade body called on The Pensions Regulator on Wednesday for greater clarify on how it intends to use its new powers, warning that everyday business activity could be hampered because bosses and trustees fear criminal sanctions if they remain in the dark.
The watchdog should provide practical examples of where it will prosecute individuals and should do so before changes in the Pension Scheme Act 2021 take effect later this year, the Society of Pension Professionals said.
The legislation will permit the watchdog to prosecute individuals if they act or fail to act with the intention of avoiding debt.
Obscurity in TPR criminal sanctions guidance makes industry anxious professionalpensions.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from professionalpensions.com Daily Mail and Mail on Sunday newspapers.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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