Many pension scheme trustees and employers aspire to undertake a risk transfer transaction, typically an insurance company buy-out for defined benefit (DB) schemes or a transfer to a master trust for defined contribution (DC) schemes. In each case, this will ultimately herald the termination of the pension scheme and an end to all governance systems. … Continue Reading
The new Pension Schemes Act 2021 paved the way for potential changes to the notifiable events framework which is intended to give The Pensions Regulator (TPR) early warning of possible calls on the Pension Protection Fund. The Department for Work and Pensions (DWP) has now issued draft regulations (Draft Regulations) and consulted on proposed changes … Continue Reading
As the Pension Schemes Bill (the Bill) continues to progress through parliament, it has been subject to many amendments, one of which would require pension schemes to take into account the government’s net zero targets on carbon emissions, as well as the Paris Agreement goals of limiting the rise of average global temperatures. As at … Continue Reading
On 29 April 2020, the Pensions Regulator (TPR) published guidance on communicating to members during the Coronavirus Disease (COVID-19) outbreak. TPR is placing the burden on pension plan trustees to discourage members from making rash decisions in relation to their pension savings that could have long-term effects. It will be interesting to see how The … Continue Reading
“There is broad agreement on the principles, but there are huge dangers lurking in the detail… Those dangers have to be flushed out before the bill is sent to the other place.” (Baroness Sherlock) Yesterday the pension schemes bill (the bill) had its second reading in the House of Lords. There was much comment and … Continue Reading
If you are a trustee of an occupational pension scheme, it is time to start preparing for the new ESG requirements, some of which kick-in on 1 October 2019. What is ESG? Environmental, social and governance considerations have come to the fore in recent years especially in the context of pension scheme investment. In its … Continue Reading
Are you a professional trustee of an occupational pension scheme? If so, you will soon be expected to apply for accreditation and demonstrate that you meet a new set of standards. The Professional Trustee Standards Working Group recently published details of a proposed accreditation framework for professional trustees. This follows on from a consultation which … Continue Reading
