As the pensions industry is aware – due to constant updates, webinars and, even in some cases, direct intervention – the Pension Schemes Act 2021 widened the circumstances in which The Pensions Regulator (TPR) can use its moral hazard powers (principally contribution notices (CNs) and financial support directions) and granted TPR stronger powers to investigate and sanction wrongdoing.
The potency of the new powers and the high-level guidance released to the market led to uncertainty over how TPR would wield these new powers. TPR has always preferred to guide by example, however,...
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