New Pensions Regulator Guidance on Private Market Investments

The Pensions Regulator has published guidance for trustees regarding investment in private markets. This guidance follows on from the Government’s Mansion House reforms, announced last July and reconfirmed in the Autumn Statement, which are intended to ‘enable our financial services sector to unlock capital for our most promising industries and increase returns for savers, supporting … Read more

Chancellor seeks to unlock the power of UK pension investments

As expected, the Chancellor used his annual Mansion House speech last night to announce a series of initiatives designed to increase the amount UK pension funds invest in UK high-growth companies and to boost returns for pension savers. The Chancellor also announced measures designed to strengthen the UK’s position as a listing destination, as well … Read more

The Evolving At Retirement Pensions Market

In the latest podcast from the Herbert Smith Freehills’ pensions team, Mark Howard, Of Counsel, is joined by Claire Altman, Managing Director of Individual Retirement at Phoenix to discuss: the challenges for retirement decision making; retirement product design and advice for members; and whether collective DC schemes might offer an alternative solution at retirement. To … Read more

Annual Funding Statement 2023: Trustees urged to lock in funding gains and review long term targets

Overall, the Regulator’s Annual Funding Statement strikes a positive tone with most defined benefit schemes experiencing improved funding levels through a combination of investment out-performance from return-seeking assets and a significant rise in gilt yields. Around a quarter of schemes are expected to be funded above buy-out; with many others exceeding their technical provisions. However, … Read more

Funding Code delayed, new LDI guidance and further updates from tPR

The Pensions Regulator has confirmed that the new statutory funding requirements for defined benefit (DB) schemes and the associated new Code of Practice will not now come into force until April 2024 at the earliest. This is set out in the Regulator’s Corporate Plan for 2023/24, which also contains updates on the new General Code, … Read more

LDI liquidity crisis – policy and regulatory responses

The immediate panic caused by the liquidity crisis that affected a large number of defined benefit (DB) pension schemes invested in liability driven investment (LDI) funds in September and October 2022 has now passed. However, a great deal of attention continues to be focused on understanding the causes of the crisis, ensuring steps are taken … Read more

Pensions Planner – Spring 2023

Here is the latest edition of our Pensions Planner, which will help you identify the key pension issues your scheme or organisation needs to address in the coming months. The latest edition covers: the potential impact of the draft new funding Code for DB schemes actions trustees should be taking to address the risks faced … Read more

Government unveils raft of DC pension reforms

The Minister for Pensions, Laura Trott MP MBE, has today unveiled a range of measures which are designed to reduce the inequality between DB and DC pensions by delivering better value for DC savers and boosting fairness, predictability, and adequacy across the private pensions sector. The measures include: a call for evidence on addressing the … Read more