FOI reference - FOI-280
Date - 27 July 2024
Request
I would be grateful if you could answer the freedom of information requests below, if you are able to do so. They relate to whether TPR has used its new powers under the Pension Schemes Act 2021.
- Since 11 February 2021, has TPR issued any warning notices in relation to the proposed issue of a contribution notice applying either of the new grounds for contribution notices of ‘employer insolvency test’ or ‘employer resources test’ (section 38 Pensions Act 2004)?
- Since 11 February 2021, has TPR brought any prosecutions in relation to the offences of either ‘avoidance of an employer debt’ (section 58A Pensions Act 2004) or ‘conduct risking accrued scheme benefits’ (section 58B Pensions Act 2004)?
- Since 11 February 2021, has TPR issued any financial penalties under section 88A of the Pensions Act 2004? If so, what were they for and in what amount?
Response
I confirm that we hold the information you have requested.
We have not to date, in relation to the new powers under the Pension Schemes Act 2021, issued any warning notices, brought prosecutions or issued any financial penalties.
Even though we have not had occasion to use the powers listed at 1 and 2 above, which would only apply to acts occurring after October 2021, we have seen evidence that the powers existence influences behaviour in the market in the ways intended.
In respect of the new section 88A powers, to date we consider that the threat of these powers are providing the necessary deterrent to ensure compliance with our information gathering requests.