A central issue for corporate colleagues and trustees as well as advisers is: - will the criminal sanctions and new regulatory powers in the Pension Schemes Bill be retrospective?
The answer has come from Guy Opperman in Parliament that they will not be retrospective. They will only apply to acts after the powers come into force (or a series of acts commencing after they come into force).
TPR is going to consult on the exercise of criminal sanction powers, so that may defer their implementation some months. Other powers are expected to be exerciseable by “Autumn”.
The FT Comments that:
"The minister for pensions and financial inclusion has guaranteed that the Pensions Regulator’s new criminal sanctions and information gathering powers will not be applied retrospectively.
In a written answer to Parliament published on Monday (January 11), Guy Opperman said the pension schemes bill should gain Royal Assent in due course, adding that none of the provisions in the third part of the legislation would be retrospective."
“The new criminal sanctions and information gathering powers will apply to all schemes where the act occurs, or in the case of a series of acts commences, after the powers come into force,” he wrote.