TPR set to get new powers

The DWP is consulting on new powers for The Pensions Regulator (TPR). The consultation covers:

• Notifiable events framework
• Declaration of intent (new)
• Voluntary clearance
• Engagement with other regulators
• Fines
• Contribution notices and financial support directions

Of particular note are the new civil and criminal sanctions. The DWP is proposing that TPR should be able to issue a civil fine of up to £1 million and that unlimited fines and custodial sentences would be available under criminal sanctions.  Anybody could fall foul of the new fines – employers, directors, connected and associated persons and even pension trustees.

Insolvency professionals will be particularly concerned by one of the proposed new notifiable events, which would be triggered when a sponsoring employer takes independent pre-appointment insolvency or restructuring advice. For further reading, please click here.