Defined benefit pensions white paper inquiry

The Committee has launched a new inquiry into the long-awaited White Paper Protecting defined benefit pension schemes (Cm 9591) , published on 19 March 2018. Following the Committee's Defined Benefit Pension Schemes report , the inquiry aims to inform and influence the planned consultation on the White Paper’s various proposals. In the White Paper the Government adopts the Committee's key recommendation: strengthening TPR's main anti-avoidance power (the issuance of Contribution Notices) by enabling TPR to issue punitive fines to punish "irresponsible activities" that cause material detriment to a pension scheme. The Government says it will make it a criminal offence "to have committed wilful or grossly reckless behaviour in relation to a pension scheme" – although the details of this offence are unclear. TPR will also be granted enhanced investigative and information-gathering powers.