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UK issues response to TPR s extended powers consultation | News
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Draft regulations: The Pensions Regulator (Contribution Notices) (Amendment) Regulations 2021
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Strengthening The Pensions Regulator s Powers: Contribution Notice and Information Gathering Powers Regulations 2021
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Friday, January 22, 2021
It has been a long and tortuous process, but the pension schemes bill has finally completed its passage through parliament and we just await the formality of Royal Assent before we have the Pension Schemes Act 2021 (the Act). Well done to Pensions Minister, Guy Opperman, for (almost) achieving his goal to pass this legislation in 2020 – not an easy task when parliament has been diverted by COVID-19 and Brexit.
I will start with a few comments on the most publicised aspects of the Act, i.e. the new powers given to The Pensions Regulator (TPR) to impose criminal penalties and fines, and anticipated requirements relating to notifications about corporate sales and debt security.