UK's Biggest Pensions Shake-Up In Decades Becomes Law

Law360, London (February 11, 2021, 6:00 PM GMT) -- The "biggest shake-up" for Britain's retirement savers in decades passed into law on Thursday, creating the Pension Schemes Act that hands the national regulator stronger powers to prosecute company bosses who mishandle employee schemes.

The Department for Work and Pensions said the Pension Schemes Bill has now received royal assent, making it an Act of Parliament. The act is designed to strengthen protections for pension savers by giving The Pensions Regulator more power, allowing it to issue civil penalties up to £1 million ($1.4 million).

The government hopes the act, which also introduces new criminal offenses, will prevent a repeat of the scandal...

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