ARIES INSIGHT:

  GUIDANCE ON THE MEANING AND IMPACT
  OF PENSIONS LEGISLATION CHANGES
 

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  PENSION SCHEMES BILL RE-PUBLISHED
The Pension Schemes Bill 2019/20 was reintroduced to Parliament on 7 January 2020 and received its First Reading in the House of Lords, a formality signalling the start of the Bill's progress.

On the face of it, the Bill is identical to that introduced in October 2019; however, the latest version has gained two extra pages. The substance remains the same, namely:

  • Providing a framework for the establishment, operation and

regulation of collective money purchase schemes (Collective Defined Contribution (CDC) 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 additional 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 to support pensions dashboards, including new powers to compel pension schemes to provide accurate information . . .

    10 Jan 2020   Check other news items

    Aries monitors every development in new and proposed legislation

    Guidance on the meaning and impact of Pensions Legislation changes

    25 Years experience working with over 100 top Pension Providers and UK Authorities

    Clear and straight advice on putting Pensions Legislation changes into practice

    Aries Insight gives the Big Picture and the Little Details

    Ensure compliance with all Regulatory Requirements for Pensions

     
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