The Queen's Speech 2019 today has introduced the expected Pension Schemes Bill:

"To help people plan for the future, measures will be brought forward to provide simpler oversight of pensions savings. To protect people's savings for later life, new laws will provide greater powers to tackle irresponsible management of private pension schemes."

The Briefing Notes add slightly more detail

on the likely main elements:

• Providing a framework for the establishment, operation and regulation of collective money purchase schemes (Collective Defined Contribution pensions).

• Strengthening the Pensions Regulator's (TPR's) powers and the existing sanctions regime: introducing new criminal offences, with the most serious carrying a maximum sentence of seven

years' imprisonment and a civil penalty of up to £1 million.

• Giving TPR's powers to obtain the right information about a scheme and its sponsoring employer in a timely manner, ensuring that it is able to gain redress for pension schemes and members.

• Providing a framework . . .

14 Oct 2019   Check other news items