The Pensions Regulator’s new, stronger powers - Checklist
The Pensions Regulator’s new, stronger powers - Checklist
11 Aug 2021
XPS believe that preparation for these new powers, which come into force gradually over the
forthcoming months, is key. The strength of the sanctions and the scope of the powers is so wide that schemes and sponsors inevitably need to look at their decision-making processes and governance frameworks. The risk of investigation and potential prosecution should not be ignored and the potential costs and management time of a regulatory investigation are significant even if no sanctions are upheld.
We have therefore produced a checklist of the key areas that we believe will help prepare you for the new powers. This includes trying to minimise the chances of the powers applying in the first place, but also having a robust framework in place to identify relevant events, evaluate them and document your decisions.