Pensions: Consultations and inquiries

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Following on from the recent White Paper, the DWP has issued a consultation entitled “Protecting Defined Benefit Pension Schemes – A Stronger Pensions Regulator”.

The consultation, which closed on 21 August, sets out tPR’s proposals to improve its powers, including:

  • broadening the range of notifiable employer related events;
  • requiring employers to make a statement of intent to trustees (copied to tPR) before certain business transactions occur;  
  • increasing maximum fines to £1 million for serious breaches, and creating additional criminal sanctions; and
  • making changes to the contribution notice and financial support direction regime
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