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Pension Schemes Act 2021

The Pension Schemes Act 2021 introduces new duties for those involved in running pension schemes. It also gives us new powers to protect pension scheme members and the Pension Protection Fund.

To help people understand these new duties and powers we have:

  • published a new criminal offences policy that sets out our approach to the investigation and prosecution of the new criminal offences of ‘avoidance of employer debt’ or ‘conduct risking accrued scheme benefits’
  • consulted on a revised Code of Practice 12 and code-related guidance to reflect the two new tests for our contribution notice power (the employer insolvency test and the employer resources test), and the circumstances in which we may expect to issue a contribution notice
  • published a consultation on draft policies that sets out our approach to: new monetary penalty powers to impose ‘high fines’ in the context of avoidance and information requirements; situations where both our regulatory and our criminal powers are engaged by the same set of facts; and information-gathering and new fixed and escalating penalties for non-compliance
  • consulted on new guidance and an appendix to our monetary penalties policy supporting new requirements on climate change

Other Pension Schemes Act publications expected in the coming months include:

  • guidance on new procedures for trustees and others involved in dealing with transfer requests so that they help scheme members to avoid pension scams
  • a consultation on revising Code of Practice 2 on notifiable events to update the events that we need to be told about
  • a consultation on authorisation and supervision requirements for collective defined contribution (CDC) schemes
  • following the publication of regulations, we will publish a second consultation on updating Code of Practice 3 on funding defined benefit (DB) schemes and a full response to the first consultation on a revised DB funding code of practice