UK Pension Schemes Act 2021 Soundbite Series

Episode 1: Overview

 

In this introductory podcast, Tim Smith, Pensions Professional Support Lawyer at Herbert Smith Freehills, discusses:

• what led to the introduction of the Pension Schemes Act
• why it is significant
• what impact it is likely to have in practice, and
• when the key provisions will come into force.

Episode 2: The Regulator's new powers

 

In this podcast, Samantha Brown, Partner and Regional Head of Employment, Pensions & Incentives at Herbert Smith Freehills discusses:

• the new criminal offences and civil fines contained in the Act and how concerned directors of DB sponsors and related parties should be about them
• the impact that these offences and sanctions are likely to have in practice
• the range of other new powers the Regulator has been given, and
• when these new powers are likely to come into force.

Episode 3: Impact on directors' duties, restructuring & insolvency

 

In this podcast, John Whiteoak, Partner and Head of the Restructuring & Insolvency at Herbert Smith Freehills, shares his views on:

• how the new criminal offences and regulatory sanctions affect directors' legal duties in a distress scenario
• what impact they will have on distressed M&A and the scope for restructuring distressed DB sponsors
• how the new offences and sanctions interact with the new restructuring mechanisms introduced by the Corporate Insolvency and Governance Act 2020
• the outlook for restructuring and insolvency activity in 2021 and beyond.

Episode 4: New long-term funding requirements

 

In this podcast, Rachel Pinto, Pensions Partner at Herbert Smith Freehills, discusses:

• the new statutory funding requirements that will soon be in force for DB schemes
• the impact that these are likely to have on schemes and sponsors
• how the new requirements will be enforced by the Pensions Regulator, and
• key themes from the Regulator's new Code of Practice on funding DB schemes.

Episode 5: New ESG and climate-risk related requirements

 

In this podcast, Michael Aherne, Pensions Of Counsel at Herbert Smith Freehills, discusses:

• the new requirements relating to climate change in the Pension Schemes Act 2021
• how significant these are for the industry
• whether the industry is prepared to comply with these new requirements, and
• the timeline for these new requirements to come into force.

Episode 6: Directors beware - Dividend payments and the Pensions Regulator's new powers!

 

In this podcast, Rachel Pinto, Pensions Partner at Herbert Smith Freehills shares her views on:

• what directors need to be aware of in terms of the Pensions Regulator's new powers this dividend season
• how this changes the way directors of companies and groups with DB schemes should approach decisions regarding the payment of dividends, and
• other circumstances in which directors need to be alive to these new offences and regulatory sanctions.

Episode 7: The impact of The Pension's Regulators powers on Restructuring and Insolvency

 

In this podcast, Philip Lis, Senior Associate from our restructuring and insolvency team, shares his views on:

• how the new offences and regulatory sanctions and the Pensions Regulator's guidance are likely to impact the approach to restructuring and insolvency processes
• what practical steps stakeholders can take to mitigate the risks associated with these new sanctions; and
• how these sanctions interact with directors' general legal duties.