Pensions Weekly Update – 24 January 2024

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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 Programme (PDP) has issued an update on how it is collaborating with government, regulators, industry and volunteer participant organisations as part of its dashboards delivery programme. PDP welcomes greater participation in its interest forums and working groups. 2024 is set to be a busy year for dashboards with the Department for Work and Pensions’ (DWP) staging guidance expected in Quarter 1.
The Pension Protection Fund (PPF) has issued a statement on updates made to its valuation guidance and accompanying documents for schemes that enter a PPF assessment period from 1 January 2024. This is to allow for the Retained EU Law (Revocation and Reform) Act 2023 and regulations that impact how the Hampshire and Bauer judgments are incorporated into PPF compensation.
The Financial Reporting Council (FRC) has announced revisions to the UK Corporate Governance Code, delivering on the intentions contained in its policy statement (as covered in our recent newsletter). Most of the new provisions in the 2024 Corporate Governance Code will apply for financial years beginning on or after 1 January 2025. During its consultation on the UK Corporate Governance Code, the FRC noted concerns from stakeholders about aspects of the UK Stewardship Code and said that it would engage on how best to review the Stewardship Code once the Corporate Governance Code had been issued. We await further news on the Stewardship Code.
Our latest insight into UK employment law will be of interest to some of our readers. This publication includes a useful round up of changes to employment protections affecting parents and carers from 6 April 2024.

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