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The Pensions Regulator's powers and policy in practice: what do the new criminal offences mean for you?

Just hours before the ‘go live’ date of 1 October 2021, the Pensions Regulator published final details of its approach to prosecuting the new pension scheme-related criminal offences of avoidance of employer debt and conduct risking accrued scheme benefits.

Serious concerns had been raised about the impact that the Regulator’s earlier proposals would have on corporate restructurings and distress scenarios – and the welcome news is that, to a large extent, the Regulator has responded to those concerns.

There are still some gaps in the guidance, and further changes to come, but this is a good moment to take stock: 

  • What do the new criminal offences mean in practice for banks and other lenders, private equity investors and corporates?
  • What impact will they have on restructuring activity (in distress scenarios and otherwise)? 
  • What are the practical implications for risk management and due diligence?


Hear our experts talk about the impact of the new offences.