Corporate, restructuring and pension lawyers are concerned about the new rules which can impose an unlimited fine and seven years’ imprisonment.
February 16, 2021 at 07:39 AM
1 minute read
Senior Reporter
New criminal offences for advising on defined benefit pension schemes have been labelled “worrying” by U.K. corporate, restructuring and pension lawyers.
The Pension Schemes Act 2021, which received Royal Assent on February 12, creates two criminal offences of “risking accrued scheme benefits” and “avoidance of employer debt”. Both offences carry a risk of an unlimited fine and/or seven years’ imprisonment.
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