UK Won't Backdate Pension Watchdog Powers

Law360, London (January 12, 2021, 3:07 PM GMT) -- The government has confirmed that new powers for the U.K.'s pensions watchdog to punish errant bosses for misusing company saving plans will not apply retrospectively.

Pensions Minister Guy Opperman said in a written answer to a question on Monday that the tougher civil and criminal sentences would be applied only to offenses that occurred after the new Pensions Schemes Bill was implemented.

The bill, which is due to receive royal assent soon, will create two new criminal offenses that lawmakers hope will prevent a repeat of the scandal surrounding retail chain British Home Stores, which collapsed in 2016 with a pension...

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