UK Pensions – Pensions Regulator finalises criminal offences policy
The new criminal offences of avoidance of employer debt and conduct risking accrued scheme benefits came into force on 1 October. These offences are punishable by an unlimited fine or up to seven years’ imprisonment (or both). The Pensions Regulator has now published the final version of its criminal offences policy, which provides guidance on its approach to the investigation and prosecution of the new criminal offences. It has also published a revised version of Code of Practice 12 (relating to contribution notices), updated clearance guidance and a consultation on its approach to other new powers introduced by the Pension Schemes Act 2021. Our newsletter summarises the key points for trustees and employers who sponsor defined benefit pension schemes.