UK Pensions – New reporting obligations for pension scheme employers
Sponsoring employers of defined benefit (DB) pension schemes will be well aware of the new criminal offences introduced by the Pension Schemes Act 2021. Given the threat of criminal sanctions, it is understandable that much of the focus has been on the risk of criminal liability. But the 2021 Act includes a suite of changes relating to employers’ reporting obligations which also deserve attention.
The intention behind the changes is to alert the Pensions Regulator to significant financial decisions which could impact on the pension scheme, enabling the Regulator to get involved where appropriate. The Government has now published a consultation on draft regulations which set out the detail of these changes.