Pension Schemes Act powers prospective-only, as promised

The Pension Schemes Act 2021 (Commencement No. 3 and Transitional and Saving Provisions) Regulations 2021 bring a motley selection of PSA ’21 provisions into force with effect from 1 October 2021. They cover additional grounds for the imposition of contribution notices, the creation of new criminal offences and civil penalties, changes to the notifiable events regime (but not the extended notification obligations related to corporate activity), and amendments to the Pensions Regulator’s information-gathering powers. Perhaps most noteworthy are transitional provisions to the effect that the new powers bestowed upon the Regulator will generally not apply to events occurring prior to 1 October.

Regulator issues holding update on single Code project

The Pensions Regulator has published an 'interim response' to comments about its draft combined Code of Practice. It recounts receipt of 'several well-argued direct challenges to aspects of [its] work', and plans to take time to give them due consideration.

Ombudsman anticipates rise in complaints

The Pensions Ombudsman has publicized his plans for the next three years. He forecasts increasing caseloads (including a lockdown-induced bump) and announces a pilot scheme to investigate more trustee-fraud allegations, whilst aiming to resolve complaints more quickly by increasing his office’s productivity.

HMRC newsletters, August 2021

We share the latest announcements from the Managing Pension Schemes Service Newsletter and Pension Schemes Newsletter.