The Pension Schemes Act 2021 will introduce the most significant reforms to the UK's funding and regulatory framework for defined benefit pension schemes since the regime was introduced in 2005. The Act will introduce three new pensions-related criminal offences, more stringent financial penalties of up to £1 million for material breaches of an entity's pension obligations and two new contribution notice triggers. The Act will also enhance the Regulator's information gathering powers and extend the existing notifiable events regime.
The podcasts below consider the impact of these new regulatory powers as well as exploring the other elements of the Act which include the introduction of new long-term funding requirements for DB schemes and new governance and disclosure requirements relating to climate-related risks.
Episode 1: Overview
In this introductory podcast, Tim Smith, Pensions Professional Support Lawyer at Herbert Smith Freehills, discusses:
In this podcast, Samantha Brown, Partner and Regional Head of Employment, Pensions & Incentives at Herbert Smith Freehills discusses:
In this podcast, John Whiteoak, Partner and Head of the Restructuring & Insolvency at Herbert Smith Freehills, shares his views on:
In this podcast, Rachel Pinto, Pensions Partner at Herbert Smith Freehills, discusses:
In this podcast, Michael Aherne, Pensions Of Counsel at Herbert Smith Freehills, discusses:
The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills 2021