Pensions Weekly Update

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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.

On 28 April 2022, the Pension Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022 received Royal Assent. The wording of the Act has now been published and it reflects the final form of the bill that was considered by Parliament. The Act will amend the guaranteed minimum pension (GMP) conversion legislation set out in the Pension Schemes Act 1993. Regulations will be issued setting out the date on which the main provisions of the Act come into force. These provisions include clarification that the legislation applies in respect of survivors, as well as “earners”, authorisation for the Secretary of State to issue regulations specifying which entities (i.e. employers) will need to consent to a GMP conversion exercise, and the removal of the requirement to notify HMRC of GMP conversion. For more on this, read this blog by Keshinda Gage, associate in the Pensions team.
The government has published a call for evidence to assist it in updating its Green Finance Strategy, which is planned for publication later in the year. The update is expected to report on progress to date, and to set out how the UK can better ensure the financial services industry is supporting the UK's energy security, climate and environmental objectives. Meanwhile, the Church of England has announced that 12 of the largest UK pension funds, including the Environment Agency Pension Fund, BT Pension Fund, Border to Coast Pensions Partnership, Northern LGPS, West Yorkshire Pension Fund, Brunel Pension Partnership, USS and Railpen will collaborate on how to support climate change transition in emerging markets. The initiative will see pension funds representing £400 billion of assets under management working together.
David Reid, the Pensions Dashboards Programme’s Head of Policy, has issued a blog on consumer protection and how the different organisations connected with pensions dashboards will work together to ensure dashboards are safe for consumers.
In our latest instalment of #AttentionPensions, partner Kate Bailey addresses how trustees can prepare for The Pension Regulator's single code of practice. We also invite you to join us for a webinar on the single code of practice on 7 June 2022, in which we will consider a proportionate, cost-effective approach to compliance that does not disrupt other key scheme activity.