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