An update on the key provisions of the Pension Schemes Act 2021 which come into force on 1 October 2021, highlighting key points for trustees and employers.
Pension Schemes Act 2021
The Pension Schemes Act 2021 received Royal Assent on 11 February 2021, introducing a range of provisions, including additional powers for the Pensions Regulator and new climate risk-related governance and reporting requirements for pension schemes. On this page we highlight some of the commentary and guidance on the new act.
The Pension Schemes Bill received Royal Assent on 11 February 2021 and became the Pension Schemes Act 2021.
Explanatory notes are also available for the act.
The Pensions Regulator has launched a consultation on its approach to the investigation and prosecution of the new criminal offences introduced by the act. The closing date is 22 April 2021.
The Department for Work and Pensions has opened a consultation on the proposed drafting of regulations concerning the powers of the Pensions Regulator, following changes introduced by the act. This consultation closes on 29 April 2021.
Guides and publications
A summary of the changes introduced by the Act, with a timeline for when the new measures are expected to be in force.
An overview of the wide-ranging new provisions which the Act will introduce, including new powers for the Pensions Regulator.
The hub contains a short summary and more detailed guide covering the detail of the Act, as well as comments and insight sections covering four key aspects of the Act: Regulator powers, Funding, Action on climate change and Pensions dashboards.
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
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Provides guidance through the complex web of UK pensions-related statutes, regulations, regulatory guidance and case law, in an accessible style.
UK agency releases proposal about collective defined contribution plans
The Department for Work and Pensions is consulting on its draft collective defined contribution (DC) plan regulation, which aims to give employers more predictable running costs of plans. The proposal follows the UK Pension Schemes Act 2021, which now permits employers to launch collective DC plans.
Articles and books
The ICAEW Library & Information Service holds a collection of articles and books on pensions law, management and taxation.
The collection includes a set of the five volume Pensions Legislation Service which provides a comprehensive collection of the materials needed to advise on or manage a pension scheme. The volumes offer amended texts of Pensions statutes and statutory instruments, HMRC guidance and non–statutory materials relating to pensions issued by a variety of bodies.
Although the Pensions Legislation Service is not available for loan, the enquiry team can search it on behalf of members and supply relevant extracts (subject to licences and copyright restrictions). Please contact our enquiry team for further information.
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