To ask the Secretary of State for Work and Pensions, what the timetable is for the implementation of (a) new criminal offences and (b) information-gathering powers contained in the Pension Schemes Bill; and whether they will apply (i) retrospectively and (ii) to pension schemes that have already closed.
11 January 2021
Subject to Parliamentary processes, the Pension Schemes Bill should gain Royal Assent in due course. The Pensions Regulator will be producing guidance on the use of the new criminal sanction powers and it plans to undertake a consultation first with industry to ensure these vital views are captured. There are also other powers in Part 3 of the Bill that require implementing regulations and the aim is for these powers to be available to the Pensions Regulator by autumn 2021. None of the provisions in Part 3 of the Bill will be retrospective and the new criminal sanctions and information gathering powers will apply to all schemes where the act occurs, or in the case of a series of acts commences, after the powers come into force.