The Pension Schemes Act 2021 introduces new duties for those involved in running pension schemes. It also gives us new powers to protect pension scheme members and the Pension Protection Fund.
To help people understand these new duties and powers we have published:
- a second consultation on updating Code of Practice 3 on funding defined benefit (DB) schemes and a full response to the first consultation on a revised DB funding code of practice
- guidance on new procedures for trustees and others involved in dealing with transfer requests so that they help scheme members to avoid pension scams
- a criminal offences policy that sets out our approach to the investigation and prosecution of the new criminal offences of ‘avoidance of employer debt’ or ‘conduct risking accrued scheme benefits’
- a revised code of practice 12 and accompanying guidance to code 12 to reflect the two new tests for our contribution notice power (the employer insolvency test and the employer resources test), and the circumstances in which we may expect to issue a contribution notice
- guidance on governance and reporting of climate-related risks and opportunities and an appendix to our monetary penalties policy on breaches of the Climate Change Governance and Reporting Regulations
- a revised regulatory and enforcement policy
- a code of practice on authorisation and supervision requirements for collective defined contribution (CDC) schemes
Other Pension Schemes Act publications expected include:
- a consultation on revising Code of Practice 2 on notifiable events to update the events that we need to be told about