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After a significant delay, the Government has finally published its consultation on draft regulations that will underpin the new long-term funding and investment requirements for UK defined benefit (DB) occupational pension schemes contained in the Pension Schemes Act 2021. These new requirements are designed to drive DB schemes towards a “low dependency” funding level by … Read more
The Government has confirmed the timetable for implementing pensions dashboards in its response to the consultation on the draft Pensions Dashboards Regulations 2022. While the largest auto-enrolment master trusts and money purchase schemes together with public service pension schemes will be given a little longer to connect than had been proposed, the connection deadlines for … Read more
The Pensions Regulator and the DWP have issued a joint statement in an attempt to clarify how trustees should be applying the statutory transfer conditions introduced last November. This follows strong criticism about the wording of the legislation and concern about how some of the red and amber flags are being applied, which is leading … Read more
With the ongoing development and growing application of artificial intelligence, analytics and automation there is increasing public and regulatory interest in ensuring that any potential risks stemming from these technologies are mitigated. A key area of concern is around ‘bias’ and AI fairness. This whitepaper – which we prepared in collaboration with UK Finance – … Read more
The UK Pension Regulator has published its latest Corporate Plan which describes the Regulator’s main areas of focus over the next two years. The Plan provides important updates on the timing of the new DB funding Code and the extension of the notifiable events regime, as it sets out the key actions we can expect … Read more
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: what schemes need to do to prepare for pension dashboards the impact of the new Consumer Duty the latest Annual Funding Statement … Read more
Welcome to the latest edition of our Pension Disputes Bulletin. Our regular disputes bulletins contain summaries of key cases, Ombudsman decisions and regulatory activity and highlight emerging risks for pension schemes, providers, sponsors, administrators and other service providers. In this edition we consider the implications of: the FCA’s latest proposals for the new Consumer Duty; … Read more
In this podcast, Tim Smith, Pensions Professional Support Consultant, is joined by Richard Smith, Pension Dashboards Consultant at the Pension & Lifetime Savings Association to discuss the industry’s hopes for pension dashboards and what schemes need to do to get ready. In particular, he: explains what dashboards are and what it is hoped they will … Read more
As expected, there was no new Pensions Bill announced in today’s Queen’s Speech, ending speculation about the prospects of auto-enrolment being extended any time soon. Despite this, a number of the Bills that have been announced are still likely to have an important impact on the pensions industry. Most notably, the Data Reform Bill will … Read more
