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Pensions Dashboards (Prohibition Of Indemnification) Act 2023

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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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The primary purpose of this Act is to increase protection for pension savers by making it a criminal offence for pension scheme trustees or managers to reimburse themselves using the assets of the pension scheme in respect of penalties imposed under pensions dashboards regulations.
It achieves this by adding section 238G of the Pensions Act 2004 to the list of statutory provisions in section 256(1)(b) of that Act. Section 256(1)(b) prohibits any amount being paid out of the assets of an occupational or personal pension scheme for the purpose of reimbursing, or providing for the reimbursement of, any trustee or manager of the scheme in respect of a penalty they are required to pay under or by virtue of a statutory provision listed in (1)(b).