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

    Trustees urged to respond to diverse risks faced by DC members

    The Pensions Regulator has published guidance for trustees of defined contribution (DC) schemes (including master trusts) on Supporting Defined Contributions Savers in the Current Economic Climate. It follows on from the Regulator’s previous statement issued in the light of the bond market crisis in September / October 2022. Although DC schemes are not directly impacted … Read more

    Funding, finding and finessing – pensions in 2023

    At the start of a new year, attention inevitably turns to what lies ahead. After a year of economic and political turmoil, one hopes we are entering calmer waters. But what can we expect for UK pensions in 2023? In short, it will be the year of funding, finding and finessing workplace pensions. Funding It … Read more

    Draft funding Code offers some flexibility to DB schemes and sponsors

    The Pensions Regulator has launched its long awaited consultation on a new funding Code of Practice for defined benefit (DB) pension schemes. The draft Code sets out the Regulator’s views on how the new statutory requirements regarding the need for trustees to put in place a long-term funding and investment strategy for their scheme are … Read more

    Edinburgh reforms – What do they mean for pensions?

    On 9 December, the Chancellor announced over 30 regulatory reforms which, together with the Financial Services and Markets Bill, the government hopes will drive growth and competitiveness in the UK financial services sector. The proposed reforms are designed to: maintain and build a competitive marketplace and promote the effective use of capital; secure the UK’s leadership role … Read more

    Five pensions developments to look out for in 2023

    In the latest podcast from the Herbert Smith Freehills’ pensions team, Olivia Kettleborough, our Professional Support Paralegal is joined by Tim Smith, our Professional Support Consultant to look back at 2022 and to look ahead to the key developments in store for pension scheme sponsors, trustees and providers as we move into the New Year. … Read more

    Pensions Regulator outlines approach to enforcing dashboards compliance

    With the connection deadlines for some of the UK’s largest pension schemes less than nine months away, the Pensions Regulator has launched a consultation on its dashboard compliance and enforcement policy. The Regulator recognises that delivering pensions dashboards is a huge challenge for the industry. As such, it has indicated that it will seek to … Read more

    Regulators urge pension schemes and asset managers to maintain LDI resilience

    The Pensions Regulator has issued a guidance statement for trustees of UK occupational pension schemes on the use of LDI in which it calls on trustees to maintain an appropriate level of resilience in leveraged arrangements to better withstand a fast and significant rise in bond yields. The statement also calls on trustees investing in … Read more

    Autumn Statement provides good news for today’s pensioners

    The Chancellor delivered his Autumn Statement today with a particular focus on stability, growth and public services. In his Statement, the Chancellor sought to strike a balance between tax rises and spending cuts and also included measures which are designed to promote growth. As far as the pensions industry and employers are concerned, the headline … Read more