The Pension Schemes Act 2021 (the Act) introduced a number of important and diverse changes to the pensions landscape. The Act gives greater powers to The Pensions Regulator, including the power to impose criminal penalties of an unlimited fine and/or imprisonment of up to seven years, or a civil penalty of £1 million for specified acts or failures. There are also changes to the notifiable events regime, new grounds for issuing contribution notices and greater inspection and interview powers. The Act also provides for regulations to introduce pensions dashboards and collective money purchase schemes, and introduces new limitations to statutory transfer rights, new climate change governance requirements and new scheme funding requirements.
Our newsletter sets out changes to the statutory transfer regime.
The Pension Schemes Act 2021 is just one of the topics we are covering in our #AttentionPensions campaign, aimed at helping pension trustees demystify the myriad pensions issues and obligations in a series of easily accessible short videos, quick guides and updates. Find out more.