Enhanced criminal and civil sanctions for defined benefit (DB) scheme negligence have become law after the Pension Schemes Act 2021 gained its place on the statute book.
Over a year after first being introduced to the Houses of Parliament, Royal Assent was granted today (11 February) to the wide-ranging legislation following a final debate last month. As well as greater DB protections and punishments, the act contains provisions for the establishment of the pensions dashboard project and collective defined contribution (CDC) schemes. It also puts additional reporting requirements on trustees for ESG-related issues. Pensions and financial inclusion minister Guy Opperman has on multiple occasions promoted the legislation as a way to "make pensions bette...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
