Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Pension scheme definition

What does Pension scheme mean? In legal practice, a pension scheme is an arrangement set up under a trust deed, contract or other instrument to provide retirement income and related benefits to members or their dependants. It pays or secures benefits on retirement, death, on reaching a specified age, on serious ill-health or incapacity, or in similar circumstances. In the UK, “pension scheme” is a statutory term (for example in the Finance Act 2004 and pensions legislation, with parallel Northern Ireland provisions). In Ireland, the Pensions Act 1990 and Revenue rules use comparable concepts. Usage is broadly consistent across England & Wales, Scotland, Northern Ireland...

Pension Schemes Act 2021 criminal offences affecting defined benefit schemes: avoidance of employer debt and risking accrued scheme benefits—scope, reasonable excuse, civil penalties, and guidance for employers and trustees

Published by a LexisNexis Pensions expert

Practice notes

The Pension Schemes ACT 2021

On 11 February 2021, the Pension Schemes Act 2021 (PSA 2021) obtained Royal Assent. It amends the Pensions Act 2004 (PA 2004), introducing measures with significant consequences for corporate and restructuring transactions involving companies or groups that run UK defined benefit schemes, including:

Two criminal offences—‘avoidance of Employer debt’ and ‘risking accrued scheme benefits’—effective from 1 October 2021. This Practice Note addresses these offences.
Broader grounds for the Pensions Regulator (TPR) to issue a contribution notice (CN) under its moral hazard powers, making third parties liable to help fund a scheme deficit, via two new threshold tests: the ‘employer insolvency test’ and the ‘employer resources test’. These also took effect on 1 October 2021. For an overview of CNs, see Practice Note: Contribution Notices.
Expanded information-gathering powers for TPR, including the ability to require any person to attend an interview and to inspect records at a party’s premises, with penalties for non-compliance and for giving false and misleading information. These powers came...

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Dawn Heath

Freshfields

Dawn has been practising as a pensions lawyer at Freshfields since qualifying in 2000 and became a partner in 2013. Her practice focuses on UK defined benefit pension schemes and their associated challenges, with recent experience including advice on:a range of significant pension projects, including complex funding and security arrangements, scheme consolidations and benefit issues; advising on regulatory investigations and settlement of those investigations, including investigations by the Pensions Regulator in respect of its contribution notice and financial support direction “moral hazard” powers;the pensions implications of corporate activity, including M&A, reorganisations, takeovers, return of value to shareholders, re-financing / granting of security and joint ventures; andpensions issues in distress situations.Dawn is a member of the Legislative and Parliamentary Committee of the Association of Pension Lawyers. Through this, she has been proactively engaging with DWP and the Pensions Regulator on recent and proposed changes to...

Web page updated on 21/05/2026

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