8 October 2021
The new criminal offences introduced by the Pension Schemes Act 2021 in relation to defined benefits ("DB") pension schemes are now in force. They are accompanied by guidance published by the Pensions Regulator setting out the approach it will take in the investigation and prosecution of the new offences. The guidance, albeit not binding, gives some useful examples in a lending and restructuring context of where the Regulator would not expect to use its powers and will be critical for lenders in evaluating the new regime.
In this briefing, we consider the new DB pensions landscape and what it means for lenders and transactions.