Pensions Weekly Update – 23 November 2022

November 2022
Region: Europe

Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information.

  • The pensions dashboards framework is taking shape. The Pensions Dashboards Regulations 2022 have now been approved by both Houses of Parliament. The Pensions Dashboards Programme (PDP) has also published revised versions of the pensions dashboards standards that were previously consulted on during July and August, along with its response to consultation. The November 2022 suite of standards sets out key requirements that pension providers and schemes, as well as potential dashboard providers, will need to follow. The standards will need to be formally approved by the secretary of state before they come into force, but the PDP has published them now to provide advance notice of their contents, and has confirmed that no major changes to those standards are expected prior to approval.
  • Last week's autumn statement did not contain much in the way of pensions news. The chancellor made two announcements in relation to the state pension: The government will retain the state pension triple lock, meaning that the state pension will increase in April 2023 by 10.1%; and the outcome of the second state pension age review will be published in early 2023. Additionally, on the pensions front, the government's outcome of consultation in relation to its review of Solvency II was announced and published, with planned reforms to the financial services regulatory framework expected to boost the annuity market and lead to more competitive pricing. 
  • Join us for a morning of pensions when, along with Broadstone, we will take a look at the latest on ESG, the new single code of practice and the new defined benefit funding regulations. These topics will be considered from legal, investment, actuarial and employee benefits perspectives. We will kick off at 8:45 a.m. on 19 January 2023 and close at noon, followed by a buffet lunch. Register for this event, which is being held in our Birmingham office, to secure your attendance.

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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