Pensions Corporate Agenda

Whilst the Pension Schemes Act 2021 became law in February, many of its provisions have not yet come into force. But that is expected to change in the Autumn, with TPR’s new powers taking effect and many corporate planners already starting to take them into account. That makes now a good time to take stock, and consider how the new powers could affect you.

In this edition we look at three topics:

• New TPR powers. TPR’s new criminal powers have attracted the most coverage but we explain here why any prosecutions are likely to be few and far between. TPR’s draft policy on how it expects to use its powers supports this view but it will be interesting to see how (if at all) TPR takes on board the feedback received during the consultation process when the final policy is published. We also now have further detail on how TPR’s new contribution notice powers will work and our helpful guide to these new powers can be found here.
• Regulatory intervention. Whilst TPR’s new powers are rightly receiving a lot of attention, the few occasions on which its existing powers have been exercised mean that new cases are always worth a closer look. TPR has recently published regulatory intervention reports in two very different situations involving the Silentnight and Sanofi pension schemes which we consider in more detail here.
• Helping employees. Since radical reforms were introduced to give pension scheme savers more choice and flexibility in accessing their retirement benefits, the importance of guidance to help savers navigate the myriad options at their disposal has never been greater. But for employers and trustees looking to provide deeper support to scheme members, the risk of inadvertently carrying out activities that require FCA authorisation looms large. Here, we look at refreshed guidance issued by the FCA and TPR to demystify what help and support employers and trustees can provide outside of FCA authorisation and so stay on the right side of the regulatory line.