Pension Schemes Act 2021

The Pension Schemes Act 2021 introduces new rules to strengthen oversight and security of pension schemes in the UK. It establishes powers for regulators to oversee scheme management, improve protection for members’ savings, and address risks such as fraud or mismanagement. The Act also updates rules for pension transfers, enhances requirements for trustees, and introduces measures for tackling scams. Overall, it aims to make pensions safer, more transparent, and better managed, giving members increased confidence that their retirement savings are secure and well-protected.