Pensions Weekly Update – 14 September 2022

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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.

As is traditional, 1 October is the "coming into force" date for a variety of pensions legislation. Here is our reminder of what is happening (and expected to happen) over the next few months.

When?		What?
1 October 2022		Regulations relaxing the restriction on employer-related investments for defined contribution (DC) master trusts with 500 or more employers.
1 October 2022		Regulations incorporating into pensions legislation the Competition and Markets Authority order in relation to the investment consultancy and fiduciary management market.
1 October 2022		Regulations and statutory guidance introducing simpler annual benefit statements for DC schemes used for automatic enrolment.
1 October 2022		A provision in existing regulations (TCFD Regulations) that extends governance and reporting in line with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) to schemes with £1 billion or more of assets.
1 October 2022		Regulations and updated statutory guidance implementing mandatory reporting on alignment with Paris Agreement goals for schemes that are subject to the TCFD regulations.
1 October 2022		Statutory guidance in relation to implementation statements.
Expected imminently		The Pensions Regulator's final form of the single code of practice.
Expected imminently		Final form of the notifiable events regulations.
Expected autumn 2022		Final form of the dashboards regulations.
Expected autumn 2022		Second consultation expected on the defined benefit funding code of practice.
Awaited		Commencement date for the changes that received Royal Assent in April 2022 in respect of the guaranteed minimum pension conversion legislation.

The Financial Reporting Council has published an updated signatories list to the UK Stewardship Code 2020. Signatories are required to report annually on their stewardship policies, processes, activities and outcomes for a 12-month reporting period. The Pensions Regulator encourages trustees to sign up to the code in its investment guidance. For further information on stewardship and other environmental, social and governance (ESG) issues, please see our ESG resources.
The Pensions Administration Standards Association (PASA) Exit Agreement Working Group has published guidance on administration transfer exit agreements. The group recognises that there has been an increase in concerns raised (including via PASA’s dispute resolution service) regarding transfers of administration services. The guidance is designed to promote a smooth handover on a change of administrator and emphasises the importance of trustees checking current contracts with administrators for terms that will apply on exit. The guidance also reproduces and updates the Code of Conduct on Administration Provider Transfers.

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

We would like to take this opportunity to join our colleagues within the pensions industry in expressing our sadness at the death of Her Majesty The Queen and paying tribute to her decades of devoted public service.