Date of Screening: 07/09/2021
Screening Outcome - Full EQIA recommended: No
The Pensions Act 2004 established, on a UK-wide basis, the Pensions Regulator (the ‘Regulator’) to protect the benefits of members of work-based pensions, reduce the risk of situations arising which may result in calls on the Pension Protection Fund and promote and improve understanding and good administration of work-based pensions. The Regulator’s approach is risk-based focusing on education and enablement, with enforcement where appropriate.
The Regulations set out the minimum information which the Regulator must include in a notice which requires a person to attend an interview under extended provisions introduced by the Pension Schemes Act 2021. It also modifies the Regulator’s extended inspection powers so they apply to multi-employer schemes and sets the level of the fixed and escalating civil penalties.