Pensions Weekly Update – 7 October 2020

October 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.

  • HMRC has issued pension schemes newsletter 124. Various easements introduced as a result of COVID-19 have been extended to 31 March 2021, including when pension trustees are asked to agree to rent and loan payment holidays, when trustees are ordinarily expected to value assets in a particular manner and in relation to the submission of APSS107 pension scheme annual statistical returns without a signature.
  • Climate change considerations for pension schemes continue to be high on the agenda. David Fairs, Executive Director of Regulatory Policy, Analysis and Advice at The Pensions Regulator (TPR) has blogged about the important long-term effect that climate change will continue to have on scheme investments and sponsor covenants. He urges trustees to build capacity in this area if they have not done so already. Guy Opperman, Minister for Pensions and Financial Inclusion, has welcomed the approach of the Financial Conduct Authority (FCA) in relation to climate-related reporting for contract-based pension schemes. The FCA has said that it intends to consult on implementing disclosures, which are aligned with the recommendations of the Taskforce on Climate-related Financial Disclosures, for asset managers and contract-based pension schemes in the first half of 2021. The aim would be to finalise such rules by the end of 2021, with new obligations coming into force in 2022.
  • In our Autumn Hot Topics, we take a look at some current and emerging pensions issues alongside some unusual or archaic examples of UK law. Pensions topics covered include news from TPR, and further instalments on data protection and climate change, as well as a look at what is on the horizon for the pensions industry.
  • Don’t forget about our suite of #how2dopensions quick guides, on topics ranging from corporate transactions for pension trustees through to how to deal with a data subject access request, along with our latest quick guide on how to conduct trustee business during the COVID-19 pandemic.

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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