Pension Experts Call For Clarity Over New Watchdog Penalties
Law360, London (March 22, 2021, 2:54 PM GMT) -- Pension advisers and lawyers urged the government for clarity on Monday, following confusion on whether new powers to target company bosses with criminal penalties could be applied retrospectively.
Arc Pensions Law LLP and consultancy Lane Clark & Peacock LLP said the government should state the extent to which actions that occur before the implementation date of the new powers in the Pension Schemes Act will have a bearing on future criminal investigations.
Under the act, The Pensions Regulator can punish company bosses and consultants for actions that jeopardize employee retirement savings, with unlimited fines or prison sentences of up to seven...
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