Pension Schemes Act 2021 - update on changes and expected timing
09 Sep 2021
Whilst the Pension Schemes Act 2021 (‘the Act’) established a lot of important primary legislation, further secondary legislation and guidance was required to bring most aspects into force.
Read on for our quick guide to the changes – what we know so far, what happens next and expected timing.
Back in March, an indication of the DWP’s implementation timetable was given by the Pensions Minister, Guy Opperman, and in the months since, various consultations, guidance and regulations have started to emerge. These begin to flesh out the all-important detail: how the provisions will apply in practice, and what compliance will look like. With some of the changes taking effect from this Autumn, we look below at what you should be watching out for and how you can start getting prepared.
Download the full briefing note to find out more about:
- New criminal sanctions, civil penalties and boosted information gathering powers
- New grounds for contribution notices
- Extended notifiable events regime
- Scheme funding regime changes
- New governance and reporting requirements on climate change
- Pensions dashboards
- Changes to transfer value rights
With all this change on the horizon, understanding the potential implications and building this into future work plans is a good first step. Please contact your usual Hymans Robertson consultant if you would like to discuss these issues further.