Pension regulator given wider powers to curb misuse of funds

The Pension Regulator (TPR) will be able to use its new criminal sanctions to crack down on misuse of pension funds and a penalty regime with a £1m fine for the worst cases

Among the changes made by the Pension Schemes Act 2021 are the introduction of two new criminal offences: the offence of avoidance of employer debt, and the offence of conduct risking accrued scheme benefits. Those offences come into force on Friday 1 October.

Anyone prosecuted for these offences faces up to a seven-year prison sentence and potentially unlimited monetary fine.

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