-
CALL US 0203 883 4777
New Powers Of Pension Regulator
New Powers of Pension Regulator There were few changes to the pension scheme Act few weeks ago. The new Pensions Scheme Act received Royal Assent on 11 February 2021.
The Act has been described by government as “the biggest shake-up of UK pensions for decades”. The new Act will provide for enhanced powers for the Pension Regulator, including the power to impose civil penalties of up to £1 million and three new criminal offences.
https://www.legislation.gov.uk/ukpga/2021/1/contents/enacted/data.htm
One of new criminal offences, that could result in up to seven years in prison, will target bosses who run pension schemes into the ground, or plunder pots to line their own pockets. This is expected to strengthen the regulators’ powers to take efficient and timely actions to protect members’ hard-earned savings.
The legislation also introduces a new pensions dashboard creating one single platform to access and review pension pots, and the creation of new style collective defined contribution (CDC) schemes. CDCs have the potential to increase returns for millions, whilst being more sustainable for both workers and employers.
The Act also aims to ensure that pensions help with climate change governance by moving towards a net zero future through climate risk reporting.
The measures in the Act will come into force at different times as secondary legislation is introduced.
If you are looking to know more this new and related laws; feel free to book a free consultation.
Recent Posts
What the Glasgow Restaurant VAT Fraud Case Teaches About Tax Compliance
In a recent case in Glasgow, two restaurant owners were found guilty of carrying out nearly a £700,000 VAT fraud...
HMRC Compliance Check vs Tax Investigation: What Is the Difference?
An HMRC compliance check and a tax investigation are not always two separate procedures. “Compliance check” is HMRC’s broad term...
Will IR35 Be Scrapped? The IR35 Changes and Replacement Pledge Explained
IR35 remains fully in force. The off-payroll rules still apply in full, and HMRC still expects a status determination for...
Off-Payroll IR35: What Are the Rules and How Do They Apply?
The off payroll IR35 rules, commonly known as IR35, apply to certain contractors who provide their services through an intermediary,...
Non-UK Directors Tax: What UK Companies Need To Know
Appointing a director who lives overseas can be a smart move. You gain experience, contacts, and strategic oversight. However, non-UK...
VAT Rules for Education Consultancies Made Simple for UK and International Student Support Providers
Understanding VAT rules for education consultancies is essential for any organisation that supports students with admissions, training, visa processing, or...
Employment Allowance UK: Employer NIC Relief Explained
Employment Allowance UK can reduce an eligible employer’s secondary Class 1 National Insurance contributions by up to £10,500. For businesses...
VAT Rules for Subscription-Based Online Learning Platforms in the UK
Online learning platforms continue to grow quickly. Current VAT rules and cross-border requirements directly affect subscription-based online learning platforms across...
Why You’re Losing Your £12,570 Personal Allowance
In the UK tax system, most workers benefit from the £12,570 Personal Allowance – the amount of income you can...
How to Handle VAT for Online Tutoring Companies: What’s Changing in 2026?
VAT for online tutoring companies is becoming increasingly complex, especially with HMRC’s changes taking full effect in 2026. Stricter rules...