Two climbers on a rock face with bright blue sky

Risk management is tricky, as things move along so fast,
You think you have it covered, but that status doesn’t last.
In terms of regulations, you may be surprised to learn
Five hundred have been issued since the last decade did turn.
We’re close to Twenty Twenty, it’s a good time to reflect
On headlines from the last decade that we did not expect.

In Twenty Ten a statement caused plenty of vexation,
Some schemes could move to CPI for pensions indexation.
In April the year after, the chancellor took some action
The AA was the target, and he axed it to a fraction.

In Twenty-Twelve a new law came, affecting the employer
“Put your workers in a scheme, or you’ll need a good lawyer!”
But the impact of a court case also changed the law that year,
The ban of sex-based factors in insurance caused some fear.

Pensions scams were hitting hard, and TPR decided
To issue new material for Trustees to be guided.
So pensions transfers from Thirteen should meet a higher standard
And TPO now frowns upon the Trustees who meandered.

The Budget the year after was very unexpected,
It was time, apparently, for DC to be corrected.
“Take your pension all at once and buy a Lamborghini!
Pay for a family holiday! Go on! Don’t be a meanie!” 

So “Freedom” was a buzz-word in Two Thousand and Fifteen,
Charge caps and new reporting for Trustees came on the scene.
Next year we saw the end of our old friend, contracting-out.
Reconcile your GMPs – eliminate the doubt”.

Anti-money laundering took our time in Seventeen
And lengthy pensions case law left us seeking out caffeine.
One year on the pensions world was in a state of panic,
Four little words, “GDPR”, got everybody manic.

And this year it is certain there is lots of change unfolding.
What to do with GMPs? And TPR is scolding
Trustees who hold poor data “It’s time to get it sorted!
Get your records up to date, or you will be reported!”

There is a further issue, that we have seen evolve,
Cyber risk is a big threat and it’s tricky to resolve.
Are you Twenty Twenty fit? Or is there more to do?
The world we live in changes, and risk frameworks should change too.
It’s time for reassessment as the new decade chimes in
And if you haven’t met PAUL yet, it’s time to let him in.