Why does the Pension Schemes Act 2021 matter? | The new criminal offences and new fines
The long-awaited Pension Schemes Act 2021 received Royal Assent on 11 February 2021.
The controversial and significant widening of the powers of the Pensions Regulator (the Regulator) have grabbed the pensions headlines. They should be of concern to:
- any company or business, whether UK based or international, if they are in any way connected to a UK defined benefit (DB) pension scheme;
- anyone engaged in business with anyone who is connected with a UK DB pension scheme.
This is the third in our series of updates. It looks at three of the areas where we have seen a notable increase in the Regulator’s powers – the introduction of two new criminal offences and the extension of the Regulator’s powers to gather information and issue financial civil penalties.
To read and download our practical guide, please click 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.