The Regulator has responded to its September 2021 consultation on three draft policies relevant to how it will exercise its new anti-avoidance powers, which are intended to help protect defined benefit savings. The most recent policies follow on from the policy on the investigation and prosecution of the new criminal offences, which was published in September 2021 and provide further guidance on three specific areas: overlapping powers, the new GBP 1million civil penalty and information gathering. Separately, the Regulator has also issued a new consultation on two policies consolidating and updating certain existing policies on enforcement and prosecution.

There has been a swathe of new legislation and regulatory developments impacting defined benefit pension schemes in the UK over the last few years. And with further changes in the pipeline, employers need to ensure that their pension scheme’s compliance is factored into their wider compliance and financial strategy. Now…