Pensions Regulator issues draft guidance on new criminal powers

Restructurings are complex and require an assessment of risk - for directors, investors, lenders, advisors and many other stakeholders. The sweeping nature of the new criminal offences under the Pension Schemes Act 2021 threatens to make any such risk assessments harder. However, new draft guidance from the Pensions Regulator (TPR) provides some welcome comfort for legitimate restructuring activity although some residual concerns remain.