UK Pensions - Pension Schemes Act 2021 heralds fundamental changes for occupational pension schemes

The Pension Schemes Bill has received Royal Assent to become the Pension Schemes Act 2021. The Act includes a package of measures aimed at strengthening the powers of the Pensions Regulator, as well as some fundamental changes to the scheme funding regime and new obligations for trustees in relation to climate change risk. Although the measures do not come into force immediately, sponsoring employers and trustees of defined benefit (DB) pension schemes should spend time now becoming familiar with the new provisions.