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Pensions Regulator could enter home workplaces under new powers

Compliance Monitor

Pensions Regulator could enter home workplaces under new powers

Should UK financial services firms be worried about the Pensions Regulator performing home inspections while staff are working remotely? Danyal Enver and Anne-Marie Winton report.

The Pensions Regulator may, under the current law, have the power to enter private homes if they are used by, or with the permission of, the occupier, for trade or business purposes. The existing legislation has been in place since 2005, and it allows the regulator to enter some premises at any reasonable time. This power is exercisable by the regulator in order to gather information during certain, limited statutory investigations. However, the law is changing this Autumn when the Pensions Schemes Act 2021 comes into force. As part of that, the regulator’s information-gathering and inspection powers will be extended. Owing to the Covid-19 pandemic, there has been a switch to homeworking for many financial services firms. In addition, a lot of these firms are considering a more permanent shift to homeworking post-pandemic. In light of that, we have taken a look at which regulator powers financial services firms and other businesses (and their employees) should consider, covering both the existing law and the upcoming legal changes.

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