Written statement on Private Pensions - June 26

Guy Opperman (Parliamentary Under Secretary of State for Pensions & Financial Inclusion): Further to the Protecting Defined Benefit Pension Schemes White Paper published in March this year, the Government is today announcing the publication of a consultation to gather views on enhancing TPR’s powers. Proposals include higher fines and criminal offences for wilful and/or reckless behaviour that puts pension schemes at risk, as well as new powers to enable the Regulator to intervene. The package aims to balance protection for pensions while not imposing unnecessary regulations on business.

We are seeking views on our proposals before we move to implement them at https://getinvolved.dwp.gov.uk . The consultation will be online from today and will run until 21 August 2018.