Claire Carey provides an essential overview of significant developments affecting occupational pension provision in the UK.
New requirements to notify the Pensions Regulator (TPR) are due to be imposed on sponsoring employers of defined benefit (DB) schemes. Originally scheduled to come into force on 6 April 2022, this timing is now looking increasingly unlikely. But with the proposed changes requiring certain activities to be shared with TPR and trustees at a much earlier stage, and breaches of the notifiable events framework now potentially punishable by a penalty of up to £1 million, early planning is essential. Our Spotlight, delivered by Vicky Carr, therefore considers what the new obligations might look like and the steps DB sponsors and schemes can be taking now to prepare.