Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes, which you might have missed, with links for further information.
The Pensions Regulator has updated its Guide to Defined Contribution (DC) Investment Governance with further information for trustees on the temporary closure (or “gating”) of DC funds, which, in some cases, leads to the creation of new default funds, which carry additional legal requirements. We recommend that trustees of schemes affected by this issue seek legal advice.
The Information Commissioner's Office (ICO) Data Sharing Code of Practice came into force on 5 October 2021. The code of practice provides guidance on how organisations can share personal data in compliance with data protection law and in line with the ICO’s expectations. Of particular interest is the emphasis placed on putting a data sharing agreement in place when one controller (such as a pension scheme trustee) shares personal data with another controller. We have a number of clients who are now reviewing or adopting data sharing agreements that govern how personal data relating to a pension scheme is shared between an employer and the pension scheme trustees.
Do not forget to complete our survey! We are keen to discover how pension schemes are now reacting to the growing pressure to progress their guaranteed minimum pension (GMP) equalisation projects and whether solutions to GMP equalisation challenges are evolving. We would be grateful if you could spare a couple of minutes to share your experience and views by answering a few short questions. Please complete the survey (individual submissions will be kept confidential).
In a recent blog, Trustee Corporation director Glyn Ryland takes a look at the government's new green gilts and how suitable they are for pension scheme investment. Meanwhile, partner Clifford Sims and professional support lawyer Claire Dimmock consider the environmental, social and governance factors that trustees should be taking into account when making investment choices – it is not all about climate change.
If you would like specific advice on any of these issues, or on anything else, please contact a member of our Pensions team.