TPR consultation: New enforcement policies: PLSA response

In September, the Pensions Regulator (TPR) issued a consultation to look at how it will use its three new powers introduced in the Pensions Schemes Act 2021 and how they interact with existing powers. The three new powers are:

• Overlapping powers policy
• Monetary penalty powers policy; and
• Information gathering powers policy

The PLSA are supportive of the principles behind the approach set out and the policies are reasonable and sensible. However, there are certain areas that could benefit from further clarity. Specifically, more clarity could be given over whether both criminal and regulatory proceedings will be taken on the same act(s), including anti-avoidance powers and financial penalties.