In a written statement to Parliament, Guy Opperman has set out the next steps to progress the secondary legislation needed following introduction of the Pension Schemes Act 2021.
Draft regulations in respect of the Pensions Regulator's powers will be consulted upon during Spring with a view to bringing these powers together with the criminal offences in Autumn. Further regulations relating to the duty to give certain notices and statements to the Pensions Regulator will be consulted upon later in 2021.
Consultation on draft regulations implementing changes to the defined benefit funding regime will take place later in 2021 in parallel with tPR's development of the revised Funding Code.
Regulations in respect of pension scams will be consulted upon in early Summer.
Given the range of topics covered within the Pension Schemes Act 2021, it is no surprise that the bringing into force of various aspects will be on a piecemeal basis.
"We are now progressing the secondary legislation to ensure the UK’s pension system is safer, better and greener." Guy Opperman, Parliamentary Under Secretary of State for Pensions & Financial Inclusion