Landmark Pension Schemes Bill Clears First Hurdle

Law360, London (July 16, 2020, 5:52 PM BST) -- A package of long-awaited reforms to the retirement sector, setting out new powers for the country's pensions regulator to punish bosses with large fines and criminal charges, has cleared its first hurdle and been passed by the House of Lords.

The Pension Schemes Bill has been passed by Parliament's upper house on its third reading and will be sent to the House of Commons for consideration later in the year, the government said on Wednesday.

The wide-ranging reforms will give The Pensions Regulator powers to issue fines of up to £1 million ($1.2 million) and seek criminal charges against bosses who run pension...

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