Nigel Cayless assesses the implications of the Pension Schemes Act 2021.
Following a long gestation period that can be traced back to the fallout from the BHS scandal, the Pension Schemes Act 2021 finally received Royal Assent on 11 February 2021. Running to over 130 sections and 11 schedules, the act will introduce some significant changes which could reach far beyond the pensions industry.
The act certainly covers a diverse range of topics, from new provisions on funding and investment strategy for defined benefit (DB) pension schemes, to restrictions on pension transfers to help combat scams, and new events which will need to be notified to the Pensions Regulator (TPR). Additionally, it will cover new circumstances in which TPR can impose contribution notices requiring employers (or connected persons...