Pensions Weekly Update – 19 August 2020

August 2020

Here is our brief weekly summary of key legal and regulatory developments relevant to occupational pension schemes, which you might have missed, with links for further information.

  • Recent press reports indicate that a number of pensions industry representatives (including the Pensions Administration Standards Association, the Pensions Management Institute and the Society of Pensions Professionals) have joined together to write to Guy Opperman, Minister for Pensions and Financial Inclusion, and John Glen, Economic Secretary to the Treasury, expressing concerns about draft guidance published for consultation by the Financial Conduct Authority. The draft guidance relates to the provision of advice on pension transfers and conversions, particularly from defined benefit schemes to defined contribution schemes. According to the press reports, the authors of the letter are concerned that the provision of certain information to pension scheme members about transfer options, such as illustrative transfer values, could fall foul of the guidance. If, as a result, this information is not provided in the future, they consider that members’ ability to make informed decisions about their benefits will be restricted.
  • The Pension Protection Fund (PPF) has issued its first responsible investment report. This is in respect of the year 2019-20. It sets out the PPF’s approach to responsible investment with a focus on three key priorities: climate change, stewardship and reporting. The PPF is a signatory to the Principles for Responsible Investment and its report also reflects its support for the work of the Taskforce on Climate-related Financial Disclosures.
  • We were delighted to win Educational Initiative of the Year at the Pension and Investment Provider Awards (PIPA) 2020 for the second year running, in recognition of our Protect Against Unmitigated Liabilities #meetPAUL campaign, as well as a commendation in the Law Firm of the Year category. The annual PIPA recognises excellence among providers of products and services to UK workplace pension schemes.
  • Join us for our webinar on 27 August 2020, which follows up on the issues raised in our recent #PensionsTensions series of publications. We will take a closer look at the issues currently facing trustees, employers and members and the opportunities for reflection and further change. We will also cover recent developments that will influence how pension scheme trustees and employers react to the immediate pressures they face, and plan ahead for the challenges to come. You can register for our webinar on our website (there is no charge).

If you would like specific advice on any of these issues, or on anything else, please contact a member of our Pensions team.

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