The BVCA engages with the DWP and the Pensions Regulator on regulation that investors must consider for portfolio companies with defined benefit schemes.
The Pension Schemes Bill 2019/21 was published on 7 January 2020. Alongside legislation for collective money purchase pension schemes and a pensions dashboard, it provides new powers for the Pensions Regulator, new criminal offences and information obligations and a new framework for funding and investment for defined benefit pension schemes. The Pensions Schemes Bill 2020 followed the consultation on “Protecting defined benefit pension schemes – a stronger Pensions Regulator”. The Pension Schemes Act 2021 received Royal Assent on 11 February 2021.
Revisions to the “notifiable events” regime, requiring notification of material transactions to the Pensions Regulator, are not yet in force but due to follow in 2022 further to a consultation that closed on 27 October 2021. Revisions to funding rules for defined benefit schemes are also due to be implemented in 2022. The Pensions Act 2021 also introduces two new criminal offences relating to avoiding an employer debt and conduct risking accrued scheme benefits.
BVCA Submissions
- Strengthening The Pensions Regulator's Powers: Notifiable Events (Amendments) Regulations 2021 – October 2021
- Pensions Regulators approach to the investigation and prosecution of the new criminal offences – April 2021
- DWP Consultation: Protecting Defined Benefit Pension Schemes – A Stronger Pensions Regulator – August 2018
- DWP Green Paper - Security and Sustainability in Defined Benefit Pension Schemes – May 2017
