Sixty Second Summary
Government consults on expansion of DB notifiable events
14 Sep 2021
The Department for Work and Pensions (DWP) has published draft Regulations to amend the ‘notifiable events’ regime for defined benefit (DB) pension schemes. It would create new employer-related notifiable events, and tweak some of the existing ones, with the intention of providing the Pensions Regulator (and trustees) with more—and more-timely—information about significant corporate transactions. The legislation will probably come into force on 6 April 2022.
History
The pensions legislation obliges the sponsors of DB schemes to notify the Regulator when prescribed events occur in relation to the employer (there are also scheme-related events about which trustees must give notice). In its March 2018 White Paper, Protecting Defined Benefit Pension Schemes, the DWP proposed that the existing notifiable events framework be improved by widening its coverage to include more corporate transactions, and by ensuring that the Regulator is made aware of events at an earlier stage, so that it can participate in discussions sooner. That intention was given statutory force via the Pension Schemes Act 2021, with the fine details to be supplied by the draft Pensions Regulator (Notifiable Events) (Amendment) Regulations 2021 that the DWP has now put out for consultation purposes.
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