The pensions press has been abuzz with comment on the expanded range of powers given to the Pensions Regulator (“TPR“) by the Pension Schemes Act 2021 (the “Act“) which are expected to come into force in Autumn 2021.  These include imprisonment or unlimited fines for some offences, civil penalties of up to £1 million and enhanced information gathering powers with penalties for non-compliance.

Continue Reading New powers for the Pensions Regulator – should employers be concerned?

In March 2021 the Financial Conduct Authority (“FCA”) produced an updated joint guide for employers and trustees on providing financial support to employees and members. The guidance is an updated version of a document published in October 2020. The updated guidance will be particularly useful for employers that provide in-house pensions administration services.

Continue Reading Supporting employees with financial matters

The anticipation is over! The Pension Schemes Act 2021 received Royal Assent and became law on 11 February. The Act aims to enhance the security and sustainability of pensions in the UK, and to protect defined benefit (“DB“) pension schemes. The Act makes some significant changes to the pensions world, most of which will be brought into effect and fleshed out through Regulations and guidance from the Pensions Regulator (“tPR“). This blog briefly sets out the key provisions of the Act from an employer’s perspective.
Continue Reading The Pension Schemes Act 2021 – What employers need to know

The Pensions Regulator issued a suite of COVID-19 guidance for trustees and employers at the end of March. As part of that guidance, the Regulator announced that it would be taking a more flexible approach to regulation and enforcement in certain areas for a limited period. Over the intervening months, this flexibility has largely been removed now that schemes have come through the initial disruption and adjusted to new ways of working. Many employers, however, are still experiencing difficult times.

Continue Reading The Pensions Regulator’s COVID-19 guidance – where are we now?

The Pensions Regulator recently published guidance for supervising the consolidation of defined benefit pension schemes into superfunds. The guidance provides an interim framework for the regulation of superfunds, prior to a statutory framework being put in place.

It’s a step towards establishing a superfund industry which could be a viable endgame option for certain schemes in the future.


Continue Reading DB Superfunds – a viable endgame?

On 25 June 2020, the Corporate Insolvency and Governance Bill (the “Bill”) received Royal Assent and on 26 June 2020 CIGA came into force. The restructuring team in Mayer Brown’s London office have previously commented on the different elements of the Bill in a series of blog posts and podcasts. CIGA was swiftly followed by the introduction of The Pension Protection Fund (Moratorium and Arrangements and Reconstruction for Companies in Financial Difficulty) Regulations 2020 (the “Regulations“), which came into force on 7 July and were subsequently amended yesterday on 23 July. Now that CIGA is in force, we take a closer look at the legislation from a pensions perspective.

Continue Reading The UK Corporate Insolvency and Governance Act 2020 (“CIGA”) from a Pensions Perspective

On 16 June, the Pensions Regulator (TPR) updated its COVID-19 guidance for employers and trustees. This includes an extension to measures to help pension schemes navigate the challenges presented by the pandemic, beyond 30 June 2020.

Continue Reading Measures extended to help employers and pension scheme trustees tackle COVID-19 challenges

On 27 March 2020, the Pensions Regulator (“tPR”) issued further guidance in response to the ongoing Covid-19 outbreak. The guidance is prominently sign-posted on tPR’s website and includes:

• guidance for trustees on defined benefit (“DB”) scheme funding and investment;
• guidance for employers in relation to DB scheme funding;
• guidance for DB scheme trustees whose sponsoring employers are in corporate distress; and
• guidance relating to defined contribution investment.


Continue Reading Covid-19 – UK Pensions Regulator guidance for employers

For a few years now, the Government has been considering ways to enhance the security and sustainability of pensions in the UK, and to protect defined benefit (“DB“) pension schemes. These considerations were documented in the Pension Schemes Bill. Due to lack of Parliamentary time (aka a little thing called Brexit and the general election), the Bill was put on hold but remained very much on everyone’s minds. The Committee Stage in Parliament began last week, so now seems like a good time to refresh our memories about the key provisions of the Pension Schemes Bill from an employer’s perspective.

Continue Reading The Pension Schemes Bill – What employers need to know