UK Pensions Bill Passes, But Faces Slow Implementation

Law360, London (January 20, 2021, 12:32 PM GMT) -- Parliament announced on Wednesday that a controversial new package of pensions rules has passed through both houses of Parliament and awaits royal assent to become law — but experts say the tough new legislation may not be fully implemented for months.

The Pensions Scheme Bill 2021 features new powers for the sector's regulator and new criminal sanctions for employers that breach rules about contributing to retirement plans. But many of the new rules will need more legislative work before being put into effect, possibly as late as 2022, pensions consultants at Lane Clark & Peacock LLP said.

"Although this feels like the...

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