Pension Schemes Act 2021- New Regulator powers

Fundamental changes to the regulation of pension schemes have been introduced by the Pension Schemes Act 2021. Take a look at our briefing on the topic for a detailed consideration of some of the key developments.

Insights

Restrictions on statutory transfers out

Trustees should be aware that they will have new obligations with respect to statutory transfers out from 30 November 2021. The Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021 will provide trustees with new obligations in a bid to protect members from transfers to scam arrangements. The regulations will require further transfer due diligence checks from trustees before a transfer can be made and will prevent transfers where 'red flags' are present. The regulations also require trustees to ensure that members receive scam advice from the Money and Pensions Service (MaPs) where certain warning signs are present.

The Pensions Regulator's consultation on a new code for Contribution Notices

Writing for the Financial Times' Pensions Expert, senior associate Chris Edwards-Earl discusses the Pensions Regulator's consultation on a new code for Contribution Notices.

DWP response to consultation on draft regulations strengthening TPR’s powers

Pensions analysis: The Department for Work and Pensions (DWP) has published its response to its consultation on the proposed drafting of two regulations which would strengthen the powers of the Pensions Regulator (TPR) to issue contribution notices and gather information, following changes introduced by the Pension Schemes Act 2021. Chris Edwards-Earl discusses the response.

TPR seeks views on how it will apply new Contribution Notice tests

Pensions analysis: The Pensions Regulator (TPR) has launched a consultation on changes to its Code of Practice 12 following the introduction, by the Pension Schemes Act 2021 (PSA 2021), of new tests in relation to its Contribution Notice (CN) power. Stephen Richards and Chris Edwards-Earl comment on TPR’s consultation.

Why standstill agreements matter for pensions schemes

In a piece first published by Professional Pensions, senior associate Chris Edwards-Earl and partner Helena Berman look at the judgment in Kingsley Napley LLP v Harris & Another.

Superfunds

Moving to a superfund

With ever increasing costs associated with defined benefit (DB) pension schemes and buyouts being out of reach for many, the advent of DB superfunds may offer some employers an alternative.

Whilst a legislative framework for DB superfunds is still awaited, the Pensions Regulator (TPR) has recognised that the industry is not going to stand still. TPR has therefore set out its own regime to regulate this area in the meantime. 

This brochure sets out some key considerations for trustees and employers to take into account when considering if transferring to a superfund is appropriate for them. It also summarises how the two current superfunds operate as well providing a guide on the process for a superfund transfer in accordance with TPR’s guidance.

What the new corporate insolvency law means for the pensions industry

The 248-page Corporate Insolvency and Governance Act provides additional options and protections for companies that would otherwise be facing insurmountable financial pressure. Sue Moore and Chris Edwards-Earl explore how the Corporate Insolvency and Governance Act 2020 will affect pension schemes. 

Click here to view. The article is behind a paywall.

DWP’s consultation on regulations under PSA 2021 strengthening TPR’s powers

Chris Edwards-Earl comments that under the recently enacted Pension Schemes Act 2021 (PSA 2021), the powers of the Pensions Regulator (TPR) were clarified and expanded.

In conversation: Transfer to master trust

This is an important conversation for anyone involved with a workplace DC pension scheme. The government has proposed some draft regulations which are due to come into effect on 5 October 2021. These are likely to force those running workplace trust-based DC schemes to transfer those schemes to a master trust. 

Occupational DC schemes - are you ready?

From October 2021, it is proposed that new and game-changing obligations for those involved in occupational defined contribution (DC) schemes will come into force. These will require certain schemes to compare their value for members against the value offered by large commercial DC schemes and, ultimately, result in increased consolidation of schemes in this area.

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