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.
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