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2021-02-15

With the Pension Schemes Act receiving Royal Assent on 11 February 2021, fundamental changes to the UK’s pension system are now in place. Many legal professionals have labelled the Act as one of the most significant changes to our pension system in years. Key points. The Pension Schemes Act 2021 (PSA 21) gives the government the power to introduce regulations which will require trustees of occupational pension schemes to consider, in-depth, (and report on) how climate change will affect their scheme and its investments in line with the TCFD (Task Force on Climate-related Financial Disclosures) recommendations The Pension Schemes Act 2021 sets out the legislative framework for collective defined contribution schemes (CDC). As part of our analysis of the Act, this post explains what CDC is and what it means for trustees and employers of occupational pension schemes.

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The Pensions Regulator (TPR) has welcomed the Pension Schemes Act 2021 receiving its Royal Assent, saying it provides a strong package of measures to 1 Mar 2021 On 11 February 2021, the Pension Schemes Bill received Royal Assent and became the Pension Schemes Act 2021 (the "Act").

The Pension Schemes Act 2021 (the Act) received Royal Assent on 11 February 2021. The Act has wide-ranging implications for the pensions industry, including changes to the Pensions Regulator’s powers, pensions dashboards, statutory transfers, climate change risk governance and collective defined contribution schemes.

Introduction. Several years in the making, the Pension Schemes Act (“the Act”) finally received Royal Assent on 11 February 2021. Key elements of the new Act include beefing up TPR’s powers, changes in relation to scheme funding, and new restrictions on statutory transfers. Whilst the bulk of the Act is largely unchanged from the Bill introduced into Parliament over a year ago (see our Alert ), there are a few additions and Parliamentary tussles of note.

The Act aims to enhance the security and sustainability of pensions in the UK, and to protect defined benefit (“DB“) pension schemes. The Act makes some significant changes to the pensions world, most of which will be brought into effect and fleshed out through Regulations and guidance from the Pensions Regulator (“ tPR “).

One of the key changes introduced by the Act in relation to defined benefit pension schemes is a new criminal offence for anyone engaging in conduct that detrimentally affects in a material way the likelihood of accrued scheme benefits being received.

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4. The Pension Schemes Act 2021 (PSA 21) gives the government the power to introduce regulations which will require trustees of occupational pension schemes 4.6. Total. 100.0. With reference to §38 in the Danish Capital Markets Act, Lauritzen on pension plans, note 5.1 for detailed information on re-.

The Act aims to enhance the security and sustainability of pensions in the UK, and to protect defined benefit (“DB“) pension schemes.The Act makes some significant changes to the pensions world, most of which will be brought into effect and fleshed out through Regulations and Read our blog post on the Pension Schemes Act 2021 and pension dashboards. A statutory frame work for collective defined contribution.
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The Act paves the way for big-picture pension reforms such as the authorisation and supervision of new collective DC schemes, and the establishment of pensions dashboards (to which occupational pension schemes will have to submit prescribed scheme information). There are hopes these initiatives can be rolled out over the next couple of years.

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The Act amends the Pension Schemes Act 1993 to give the government powers to introduce regulations that will prevent members from exercising their statutory right to a transfer unless certain conditions are met. The amendment is expected to come into force in Autumn 2021 along with the supporting regulations.

Registration of occupational and personal pension schemes An overview of the Pension Schemes Act 2021. Friday 26 March 2021. On 11 February 2021, the Pension Schemes Act 2021 (the Act) was given royal assent, setting out a framework for several major changes that will certainly be of interest to employers and pension funds alike. These changes include introducing climate change risk reporting The Pension Schemes Act 2021 means significant changes for the industry through a strengthened regulatory regime, with aspects likely to increase public awareness of how schemes invest in the wider economy. This new Pension Schemes Act received Royal Assent in February this year, following a protracted journey through the UK Parliament as a The anticipation is over! The Pension Schemes Act 2021 received Royal Assent and became law on 11 February.

Reports of the Board.