Protecting DB pension schemes – new Pensions Regulator powers confirmed

The government has confirmed that the Pensions Regulator will be given new powers to better protect members of DB pension schemes, including introduction of a new offence of wilful or reckless behaviour in relation to a pension scheme which will be punishable by up to seven years’ imprisonment. Changes will also be made to the anti-avoidance, notifiable events, and voluntary clearance regimes to further strengthen the DB regulatory framework.