Episode 1: Overview
In this introductory podcast, Tim Smith, Pensions Professional Support Lawyer at Herbert Smith Freehills, discusses:
- what led to the introduction of the Pension Schemes Act
- why it is significant
- what impact it is likely to have in practice, and
- when the key provisions will come into force.
Episode 2: The Regulator's new powers
In this podcast, Samantha Brown, Partner and Regional Head of Employment, Pensions & Incentives at Herbert Smith Freehills discusses:
- the new criminal offences and civil fines contained in the Act and how concerned directors of DB sponsors and related parties should be about them
- the impact that these offences and sanctions are likely to have in practice
- the range of other new powers the Regulator has been given, and
- when these new powers are likely to come into force.
Episode 3: Impact on directors' duties, restructuring & insolvency
In this podcast, John Whiteoak, Partner and Head of the Restructuring & Insolvency at Herbert Smith Freehills, shares his views on:
- how the new criminal offences and regulatory sanctions affect directors' legal duties in a distress scenario
- what impact they will have on distressed M&A and the scope for restructuring distressed DB sponsors
- how the new offences and sanctions interact with the new restructuring mechanisms introduced by the Corporate Insolvency and Governance Act 2020
- the outlook for restructuring and insolvency activity in 2021 and beyond.
Episode 4: New long-term funding requirements
In this podcast, Rachel Pinto, Pensions Partner at Herbert Smith Freehills, discusses:
- the new statutory funding requirements that will soon be in force for DB schemes
- the impact that these are likely to have on schemes and sponsors
- how the new requirements will be enforced by the Pensions Regulator, and
- key themes from the Regulator's new Code of Practice on funding DB schemes.
Episode 5: New ESG and climate-risk related requirements
In this podcast, Michael Aherne, Pensions Of Counsel at Herbert Smith Freehills, discusses:
- the new requirements relating to climate change in the Pension Schemes Act 2021
- how significant these are for the industry
- whether the industry is prepared to comply with these new requirements, and
- the timeline for these new requirements to come into force.
Episode 6: Directors beware - Dividend payments and the Pensions Regulator's new powers!
In this podcast, Rachel Pinto, Pensions Partner at Herbert Smith Freehills shares her views on:
- what directors need to be aware of in terms of the Pensions Regulator's new powers this dividend season
- how this changes the way directors of companies and groups with DB schemes should approach decisions regarding the payment of dividends, and
- other circumstances in which directors need to be alive to these new offences and regulatory sanctions.
Episode 7: The impact of The Pension's Regulators powers on Restructuring and Insolvency
In this podcast, Philip Lis, Senior Associate from our restructuring and insolvency team, shares his views on:
- how the new offences and regulatory sanctions and the Pensions Regulator's guidance are likely to impact the approach to restructuring and insolvency processes
- what practical steps stakeholders can take to mitigate the risks associated with these new sanctions; and
- how these sanctions interact with directors' general legal duties.