As part of its consultation on enhanced powers for The Pensions Regulator, the Department for Work and Pensions proposed new requirements for all trustees of defined benefit (DB) schemes. This is what the new framework could look like...
The proposed measures would introduce a limited number of new requirements which will be mandatory for all sponsoring employers of DB schemes when things change within a company (for example when corporate transactions are being considered); and what will happen in the rare instances where trustees or employers do not comply with their obligations.
In the below infographic, the column on the right sets out the escalating sanctions regime - with stronger sanctions for the most serious wrongdoing.
The government launched its consultation on the framework today (26 June) with pensions and financial inclusion minister Guy Opperman urging the industry to makes its views heard.
