The Pensions Regulator confirms its view on retrospective reach of 'moral hazard powers'

The Pensions Regulator has issued an amended ‘section 89 report’ and associated statement on the extent to which it can look back to before when it was granted its moral hazard powers when deciding whether to use them in any case.

The regulator has made clear its view is that: it cannot look back to acts or omissions that occurred before when its powers were granted in 2004 in deciding whether something has happened that might give it jurisdiction to use its powers; but once that initial hurdle has been overcome, the regulator can consider acts or omissions that pre-date its powers for the purposes of considering whether it would be reasonable for it to use them…

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