2021 c. 1 – Pension Schemes Act 2021
Released 11 February 2021
The Pension Schemes Act 2021 received Royal Assent on 11 February 2021.
The Pension Schemes Act 2021 is an Act to make provision about pension schemes. Measures in this Act make provision in four areas:
•Collective money purchase benefits – providing the legislative framework for the operation and regulation of Collective Money Purchase Schemes (also referred to as Collective Defined Contribution (CDC) Schemes) in the UK;
•The Pensions Regulator – introducing measures intended to strengthen the Pensions Regulator’s powers and improve the information available to it;
•Pensions dashboards – creating a legislative framework for pensions dashboards - digital interfaces that enable people to see all their pension savings in one place so that individuals can make better decisions about their retirement plans; and
•Further provision relating to pension schemes – including amendments to scheme funding provisions in Pensions Act 2004, Pt. 3; requirements for occupational pension schemes to manage the effects of climate change as a financial risk; provisions relating to transfers of pension savings to another scheme; and provision to ensure that the Pension Protection Fund (PPF) can continue to administer the compensation scheme as intended following court rulings.
The Act received Royal Assent on 11 February 2021.