The government has now responded to the spring consultation on extending The Pensions Regulator’s (TPR) powers.
Conducted from March 18 to April 29, the consultation sought feedback on the proposal of two draft regulations. These were for TPR (Contribution Notices) (Amendment) Regulations 2021 and TPR (Information Gathering Powers and Miscellaneous Amendments) Regulations 2021, which are now called TPR (Employer Resources Test) Regulations 2021 and TPR (Information Gathering Powers and Modification) Regulations 2021 respectively.
Cabinet minister for pensions and financial inclusion, Guy Opperman, commented:
“The UK already has a robust system in place to protect defined benefit pensions, and the measures in the Pension Schemes Act 2021 (the Act) build on and strengthen these safeguards, aligning the overall policy with The Pensions Regulator’s approach of being clearer, quicker and tougher.”
He added that provisions made by the Act will equip TPR with greater powers to manage those occasional situations where UK employers attempt to sidestep their obligations. The minister also commented that as with all policies, the government would keep the new regulations under review so that any pertinent business practice changes could be effectively accounted for.
The government consultation was informed by technical responses, with stakeholder contributions helping improve the drafts of the new regulations.
Consumers in Northern England with concerns regarding their pension pots and future plans can look to retirement planning specialists in Chester, Manchester, and other major cities for advice.
It is expected that the new regulations will come into effect in October this year.
