Partner Jane Kola comments in Pensions Expert on TPR pledging guidance after royal assent for Pension Schemes Act
The Pensions Regulator welcomed the Pension Schemes Act receiving royal assent on Thursday, with chief executive Charles Counsell looking forward to the “strong package of measures” it provides and pledging guidance for how they will be used.
Counsell argued that through the new act, the regulator will build on its “clear, quick and tough approach to drive better standards across the pension schemes we regulate and ensure savers are treated fairly by employers”.
Jane Kola and Society of Pension Professionals president James Riley warned in a Pensions Expert podcast that the new criminal provisions in the Pension Schemes Act could be so vast and damaging that the act could cause a raft of unnecessary bankruptcies by restricting actions necessary for the survival of businesses.
They called on the regulator to issue guidance as a matter of urgency.
Read Jane’s comments in Pensions Expert and listen to her full commentary, here.
The views in this article are intended for general information purposes only and should not be used as a substitute for professional advice. Arc Pensions Law and the author(s) are not responsible for any direct or indirect result arising from any reliance placed on content, including any loss, and exclude liability to the full extent. Always seek appropriate legal advice from a suitably qualified lawyer before taking, or avoiding taking, any action. If you have any questions on the points raised in the above, please do not hesitate to get in touch.