The Pension Schemes Act 2021 became law on Feb 11th 2021. With company directors, managers and trustees of Defined Benefit pension schemes potentially becoming personally at risk of criminal charges (leading to up to seven years in prison and fines of up to £1m), this is now a subject that must be front of mind. With both the Act and accompanying guidance from the Pensions Regulator being very broadly drafted, the actions and involvement of senior finance leaders could potentially include some relatively commonplace corporate activity, including restructuring and M&A activity.
These latest regulations also introduce other powers and requirements which could be a concern for companies and follow on from DB funding code of practice changes. Responding to this may prove hard as the effects of the pandemic are still being felt by many companies, with pension practices no longer being front of mind.
With the new powers expected to be in force from autumn this year, now is the time for you to better understand the implications for your business and you personally! This roundtable discussion will allow you to share your experiences to date, learn from your peers, and give you a much stronger understanding of the risks and opportunities available within the pension space.
This roundtable will discuss:
• The key provisions of the Pensions Schemes Act, and any recent changes
• What are the commonplace business activities which could be caught by the Act?
• How your personal risk can be mitigated?
• The new DB funding code, the impact on your DB scheme costs and potential budgets?
• How to avoid the obstructions that a poorly funded pension scheme can have for any corporate M&A?
• How to remove pension scheme risk from the balance sheet and improve P&L?