Proposed Enhanced Powers For Pensions Regulation To Impact D&Os In 2020
A strengthened regulatory framework for the UK's pension regulator (TPR) is set to put directors and officers (D&Os) and trustees under increased legal pressure, whatever the election result.
In the light of a number of high-profile corporate collapses which resulted in significant detriment to defined benefit occupational pension schemes, in 2017 the Government commenced a consultation on strengthening the regulatory framework for TPR. This review culminated in the Government proposing a suite of legislative changes in early 2019, including enhanced information-gathering and sanction powers.
Notably for sponsoring employers and their D&Os, the proposals include a new criminal offence of wilful or reckless behaviour in relation to a pension scheme, attracting a prison sentence of up to seven years and/or unlimited fines. It is also proposed that TPR will have the ability to impose civil penalties of up to £1 million for a range of new offences, including for knowingly or recklessly providing false or misleading information to TPR or to scheme trustees.
The Pension Schemes Bill 2019-2020 was finally introduced to Parliament in mid-October 2019...
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