3 November 2021
Partner Mark Smith discusses the Pension Schemes Act 2021, a significant change to defined-benefit (DB) scheme regulation, in a recent article in Commercial Dispute Resolution (CDR) Magazine.
Sharing his thoughts, Mark said: "Most DB schemes have a deficit which must be made up via investment growth and returns, or contributions being paid by employers including via The Pensions Regulator (TPR)-stipulated contribution notices (CNs). If something happens that affects the ability of the scheme to get the money it needs over time, then the members won’t get their promised benefits. The extended and new powers that Parliament has given to TPR are intended to help prevent that.”