{"id":243873,"date":"2021-02-15T13:34:30","date_gmt":"2021-02-15T08:04:30","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=243873"},"modified":"2021-07-30T10:06:22","modified_gmt":"2021-07-30T04:36:22","slug":"united-kingdom-pension-schemes-act-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/02\/15\/united-kingdom-pension-schemes-act-2021\/","title":{"rendered":"United Kingdom | Pension Schemes Act, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">On February 11, 2021, the Pension Schemes Act 2021 has received Royal Assent. The Act is divided into 6 parts dealing with following:<\/p>\n<ol style=\"text-align: justify;\">\n<li>Part 1 deals with Collective Money and Purchase Benefits<\/li>\n<li>Part 2 deals with Collective Money and Purchase Benefits : Northern Ireland<\/li>\n<li>Part 3 deals with Pension Regulator<\/li>\n<li>Part 4 deals with Pension Dashboard<\/li>\n<li>Part 5 deals with Further Provisions relating to Pensions Schemes<\/li>\n<li>Part 6 deals with Extent and Commencement<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">Parts 1 and 2 of the Act provides for a framework for the operation and regulation of Collective Money Purchase Schemes in the UK.<\/p>\n<p style=\"text-align: justify;\">Part 3 introduces measures intended to strengthen TPR\u2019s powers and improve the information available to it, to better enable it to protect DB scheme members\u2019 savings. The Act introduces two new grounds for TPR to issue Contribution Notices in respect of an underfunded DB scheme. It also allows for a new DB scheme notifiable events regime. The Act will impose new duties on trustees of DB schemes to have in place a funding and investment strategy which must be kept under review.<\/p>\n<p style=\"text-align: justify;\">Part 4 create a legislative framework for pensions dashboards. The Act paves the way for the development of pensions dashboards and the mandatory provision of data by pension schemes. Dashboards will offer the facility for members to see all of their pensions savings in one place, with a hope for improved member engagement as a result.<\/p>\n<p style=\"text-align: justify;\">The Act brings two new offences in relation to DB schemes: avoidance of an employer debt, and conduct risking accrued scheme benefits. These carry the risk of a criminal penalty of an unlimited fine and\/or imprisonment of up to seven years. Alternatively, TPR could issue a civil fine of up to \u00a31 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On February 11, 2021, the Pension Schemes Act 2021 has received Royal Assent. The Act is divided into 6 parts dealing with <\/p>\n","protected":false},"author":8808,"featured_media":243890,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,4],"tags":[],"class_list":["post-243873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign","category-legislationupdates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>United Kingdom | Pension Schemes Act, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/02\/15\/united-kingdom-pension-schemes-act-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"United Kingdom | Pension Schemes Act, 2021\" \/>\n<meta property=\"og:description\" content=\"On February 11, 2021, the Pension Schemes Act 2021 has received Royal Assent. The Act is divided into 6 parts dealing with\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2021\/02\/15\/united-kingdom-pension-schemes-act-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-15T08:04:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-30T04:36:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/PENSION-SCHEMES.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" 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The Government vide notification S.O. 3732(E) dated 17th\u00a0October, 2019 on Foreign Exchange Management (Non-debt Instruments) Rules,\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61051,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/08\/11\/cabinet-approves-introduction-of-pension-and-post-retirement-medical-schemes-as-part-of-superannuation-benefits-for-employees-of-food-corporation-of-india\/","url_meta":{"origin":243873,"position":1},"title":"Cabinet approves introduction of Pension and Post-Retirement Medical Schemes as part of superannuation benefits for Employees of Food Corporation of India","author":"Sucheta","date":"August 11, 2016","format":false,"excerpt":"The Union Cabinet has given its approval for introduction of Pension and Post-Retirement Medical Schemes as part of superannuation benefits for Employees of Food Corporation of India (FCI) as per guidelines of Department of Public Enterprises (DPE).\u00a0The annual financial implication for both schemes combined would be around Rs. 134.4 crore\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/08\/parliamentSM.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":252783,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/17\/2021-scc-vol-4-part-3\/","url_meta":{"origin":243873,"position":2},"title":"2021 SCC Vol. 4 Part 3","author":"Bhumika Indulia","date":"August 17, 2021","format":false,"excerpt":"2021 SCC Vol. 4 Part 3 Arbitration and Conciliation Act, 1996 \u2014 Pt. II and S. 20 \u2014 Law of arbitration\/curial law\/seat of arbitration \u2014 Determination of, by consent of parties: In this case, Cl. 67 of the contract between the parties inter alia provided that in the absence of\u2026","rel":"","context":"In &quot;Cases Reported&quot;","block_context":{"text":"Cases Reported","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casesreported\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/06\/SCC_Standard.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/06\/SCC_Standard.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/06\/SCC_Standard.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/06\/SCC_Standard.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/06\/SCC_Standard.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":267806,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/02\/legislations-monthly-roundup-may-2022\/","url_meta":{"origin":243873,"position":3},"title":"Legislations | Monthly RoundUp [May, 2022]","author":"Bhumika Indulia","date":"June 2, 2022","format":false,"excerpt":"Legal Round Up for the month of May is mentioned below: \u00a0 MINISTRY OF CORPORATE AFFAIRS Companies (Share Capital and Debentures) Amendment Rules 2022 The Central Government has notified Companies (Share Capital and Debentures) Amendment Rules 2022 to amend the Companies (Share Capital and Debenture) Rules, 2014. 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