Last amended by Pension Schemes Act 2021 in 2021. Strengthened TPR's powers, introduced new criminal offences for avoidance of employer debt, and provisions for pensions dashboards.
Independent editorial summary — not the official statute text. Read the official version on legislation.gov.uk.
Summary
The Pensions Act 2004 established The Pensions Regulator (TPR) and the Pension Protection Fund (PPF). TPR has powers to regulate occupational pension schemes, issue improvement and contribution notices, and take anti-avoidance action. The PPF provides compensation for members of eligible defined benefit schemes where the employer becomes insolvent and the scheme is underfunded.
Key Points
- Establishment of The Pensions Regulator (Part 1)
- Pension Protection Fund for DB scheme members (Part 2)
- Contribution notices and financial support directions (ss.38, 43)
- Scheme funding requirements for DB schemes (Part 3)
- Whistleblowing duties on auditors and actuaries
- Establishes The Pensions Regulator
- Creates the Pension Protection Fund
- Contribution notices and financial support directions
- Moral hazard powers to protect DB schemes
Parts & Sections
Amendments History
2021 — Pension Schemes Act 2021
Strengthened TPR's powers, introduced new criminal offences for avoidance of employer debt, and provisions for pensions dashboards.
2021 — Pension Schemes Act 2021
Enhanced TPR powers including criminal sanctions for conduct risking accrued scheme benefits.