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
- 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.