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.
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.