The session slides from The ILA Associates' Network's recent FREE session on the new and widened powers of the Pensions Regulator and the new criminal offences under the Pension Schemes Act 2021 are now avaiable.
Following the high-profile collapses of BHS and Carillion and the subsequent political fallout over the groups’ substantial pension scheme deficits, legal reforms were introduced under the Pension Schemes Act 2021 to address the issues exposed and strengthen the protection of defined benefit pension schemes.
This session focussed on:
1. the wide new criminal offences which came into force on 1 October 2021;
2. the widened “moral hazard” powers of the Pensions Regulator to make connected third parties liable for pension scheme deficits; and
3. the new procedural requirements for corporate activities, including new notification obligations of certain events which are expected to come into force later in 2022.
The new legislation increases the risk of personal criminal and civil liability for companies, directors and third parties where groups operating UK defined benefit pension schemes face financial distress. We are delighted to welcome Tharusha Rajapakse (Senior Associate, Pensions, Freshfields Bruckhaus Deringer LLP), Sally Montague (Senior Associate, R&I, Freshfields Bruckhaus Deringer LLP) and, following a recent secondment at the Pensions Regulator, Chris Heritage (Director, Cardano Advisory) for the seminar on how the new pensions regime has reshaped decision-making in restructuring and insolvency processes and how stakeholders and advisers should navigate the challenging new landscape.