Pension Schemes Bill: no retrospectivity for Regulator’s powers

• No provisions in Part 3 will be retrospective.  The criminal sanctions and the information gathering powers will apply to schemes where the act occurs, or a series of acts commences, after the powers come into force.
• The Regulator is expected to consult on guidance on the use of its new criminal sanction powers.
• The government aims for other powers in Part 3 of the Bill which require regulations to be available to the Regulator by autumn 2021.  Provisions in Part 3 which require regulations include:
  • New offences in relation to the avoidance of employer debt;
  • Changes to the notifiable events regime;
  • Increases to the Regulator’s information gathering powers; and
  • Fixed and escalating penalties for providing false or misleading information.

Key dates

Parliamentary written answer given on 11 January 2021.

Ping Pong stage in the House of Lords is scheduled for 19 January 2021.

Authored by the pension team