Pensions Weekly Update: Part Two

Authors:

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

In part one of our weekly update we took a look at the progress being made on the Pension Schemes Bill.
In other news this week, The Pensions Regulator (TPR) has issued an industry alert on the rise in impersonation fraud. This includes where fraudsters hack sufficient information to impersonate a member and then arrange for bank account details to be amended, or for fake pensions accounts to be set up in the member’s name, to which funds can be transferred. Schemes are encouraged to review their security measures.
TPR has issued a market oversight report on pensions administrator relationships, together with a press release, one year after expanding its voluntary initiative to engage with 15 administrators. The report highlights a renewed focus on the value of good quality administration “after years of underinvestment”. Data accuracy and security remain paramount, along with the continued need for investment in technology. TPR states that trustees should fully understand and periodically review the terms of their contracts with administrators. Going forwards, TPR expects trustees to take greater responsibility and accountability for driving up administration standards.
If your scheme’s first own risk assessment (ORA) is due in Spring 2026, take a look at our latest blog post by Matthew Giles and Kate Bailey. Where do you sit on our pressure gauge? And what should you do if your scheme’s general code compliance preparations are behind schedule?
Join our Labour & Employment team and register for a webinar being held on 8 October, in which the team will explore when a duty to make reasonable adjustments is triggered and how far employers must go.