The Pensions Regulator’s powers
The Pensions Regulator is the independent UK regulator of work-based pensions. Its statutory objectives are set out in the Pensions Act 2004, one of which is to protect the benefits of members of occupational pension schemes. To do so, it works with trustees, employers, and business advisers of occupational pension schemes in the private and public sectors, to help them understand their legal duties and the standards expected.
	The Regulator also has an enforcement role where it can investigate both breaches of regulations and action by sponsoring employers and other related entities which may have a detrimental effect on schemes. It can impose civil penalties, undertake criminal prosecutions, or order relevant individuals to make payments into the scheme.
	The Act builds on the Government commitment to tighten the rules of abuse against pension schemes by improving the Pensions Regulator’s powers so that they:
can be more proactive and get involved earlier when sponsoring employers make changes which could impact the pension scheme;
have the necessary powers to be able to obtain the right information about a scheme and its sponsoring employer in a timely manner;
are able to gain redress for a pension scheme and its members when things go wrong; and
can deter reckless behaviours.
	In March 2018, the Government published the White Paper ‘Protecting Defined Benefit Pension Schemes’. 2 The White Paper stated that the existing system of protection is working well for the majority of Defined Benefit pension schemes, members, trustees and sponsoring employers, but that there were ways in which the system could be improved further.
	In June 2018, the Government published the consultation: ‘Protecting Defined Benefit Pension Schemes - A Stronger Pensions Regulator’, which set out the Government’s proposals to improve and amend the Regulator’s existing powers, including establishing new Criminal Offences and Financial Penalties, and changes to the Contribution Notice (CN), Financial Support Direction (FSD), and Corporate Transaction Oversight regimes. 3 Stakeholders were generally supportive of the Government’s proposals, seeing them as a positive step towards ensuring the security of Defined Benefit scheme members’ savings.
	In February 2019, the Government published its response to the consultation, outlining the proposals it would take forward. 4 This response also included measures that the Government would take forward to improve the Regulator’s Information Gathering powers.
	Cumulatively, the improvements to the Regulator’s powers in this Act will help the Regulator to meet their aim of being "clearer, quicker, and tougher", and, in turn, will afford increased protection for Defined Benefit scheme members’ savings.