Approach to the investigation and prosecution of the new criminal offences: PLSA response to TPR consultation
In March, the Pensions Regulator (TPR) issued a consultation to look at how it will use its new powers under the Pensions Schemes Act 2021. The Act introduces two new criminal offences:
- the offence of avoidance of employer debt,
- and the offence of conduct risking accrued scheme benefits.
The Government’s policy intent in introducing these new offences was to strengthen the deterrent and punishment for more serious intentional or reckless conduct.
The PLSA are supportive of the underlying principles of the criminal sanctions regime. However, the current wording of the draft policy is still too vague, which we strongly believe will create very problematic consequences for the pensions community.