The Pension Schemes Act 2021, which will introduce new pension criminal offences, £1m regulatory fines and new requirements relating to funding and climate-related risks, received Royal Assent on 11 February 2021 but most of its provisions do not come into force imediately.
Most of these measures are likely to come into force during the next 12 months or so and the table below summarises our current understanding of when you can expect this. We will keep this table updated with any new information on timings (last updated 4 March 2020).
Click here or on the image below to see the full summary table:
If you wish to discuss how any provisions of the Pension Schemes Act 2021 may impact your scheme or organisation please contact one of our specialists below or speak to your usual Herbert Smith Freehills contact.
To keep up to date with the latest on the Act and our upcoming soundbites podcast series in which we will explore the practical implications of these new measures, subscribe to our UK pensions blog.