The Act includes a package of measures aimed at bolstering the Regulator’s powers to enable it to be more proactive. Many of the key provisions came into force on 1 October. There has been a lot of dramatic media coverage of the Act, particularly in relation to the new criminal offences, with commentators concerned about the Regulator becoming too powerful, trustees being thrown in jail and potential trustees being scared away. Addressing these concerns, David Fairs, the Regulator’s Executive Director for Regulatory Policy, Analysis and Advice, emphasised that the Regulator’s new powers are not going to change the behaviour it investigates, even though they will fundamentally change the options available to the Regulator. David concluded that the new powers are evolutionary rather than revolutionary.
In this issue, we summarise the new regulatory framework and consider its impact on trustees and sponsoring employers of defined benefit (DB) pension schemes.
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