The Pension Schemes Act 2021 (the “Act”) introduces new criminal offences relating to UK defined benefit pension schemes which can be committed by any person whose intentional or reckless conduct puts members’ savings at risk. Read our recent article for further insight in to the key provisions of the Act.
The much awaited draft policy from the Pensions Regulator (“tPR” has now been published and sets out tPR’s approach to investigation and prosecution of the new criminal offences. It should be noted that, in the UK, the Secretary of State and the Director of Public Prosecutions can also prosecute these offences. However this guidance only relates to tPR’s approach. tPR’s approach will be guided by the intention of Parliament for the Act not to change commercial norms or accepted standards of corporate behaviour but rather to tackle the more serious examples of this conduct and strengthen the deterrent effect of the punishment for that behaviour.