Pension Schemes Act 2021: explained
Announced February 2021
The Pension Schemes Act will:
- Strengthen protections for savers by extending the powers of the Pensions Regulator.
- Tighten the rules required for transfers, to protect savers from scams.
- Deter bosses from running pension schemes into the ground or lining their own pockets – they’ll face a maximum penalty of seven years in prison!
- Bring pensions into the digital age with the introduction of pension dashboards – one single platform for users to easily access and review pension pots.
- Further the government’s progress towards net zero greenhouse gas emissions.
The Bill – now an Act – reached Royal Assent on 11 February 2021.