New criminal liability for deficient defined benefit pension schemes—the impact on restructurings and corporate transactions

Table of contents

• New criminal offences
• Power to issue contribution notices
• Notifiable events
• Extent of liability
• Likely impact of the Act
• Rescue and restructuring
• Corporate transactions
• Summary

Article summary

Restructuring & Insolvency analysis: The Pension Schemes Bill 2019–20 was first published on 16 October 2019. Following the dissolution of the 2017–2019 Parliament at the end of the 2019 session, the Bill was reintroduced into the House of Lords on 7 January 2020. After a delay due to a lack of parliamentary time the Bill completed its journey through Parliament and received Royal Assent on 11 February 2021. Oonagh Steel, Simon Thomas, Carl Bradshaw and Angus Simpson of Goodwin Proctor explain the main provisions of the Pension Schemes Act 2021 (the Act) and consider its impact on restructurings and corporate transactions.