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Pensions Regulator delays scheme return changes for DB scheme investment data
Vereinigtes Königreich | Publikation | März 2023
Trustees of DB schemes will be aware that since December 2019, they have been legally required to run a competitive tender process when appointing fiduciary managers (FMs) for a fifth or more of their scheme’s assets, and set strategic objectives for their investment consultants (ICs).
With effect from October 2022, the Regulator took over compliance reporting and policing responsibilities for these requirements from the CMA. The Regulator’s online scheme return for 2023 has not yet been updated to receive the required compliance statement.
However, as the trustees’ legal duty is to provide scheme information in a form required by the Regulator, they are not in breach of their duty by completing the scheme return in the Regulator’s currently requested format. As schemes have already had to record the relevant data and provide it to the CMA for compliance with the CMA order up until September 30 2022, trustees should continue to do so and be ready to provide the information to the Regulator when its data collection requirements are updated.
Trustees do have a separate duty to notify the Regulator as soon as reasonably practicable of any change in registrable information. There is a notification requirement if:
With effect from October 2022, the Regulator took over compliance reporting and policing responsibilities for these requirements from the CMA. The Regulator’s online scheme return for 2023 has not yet been updated to receive the required compliance statement.
However, as the trustees’ legal duty is to provide scheme information in a form required by the Regulator, they are not in breach of their duty by completing the scheme return in the Regulator’s currently requested format. As schemes have already had to record the relevant data and provide it to the CMA for compliance with the CMA order up until September 30 2022, trustees should continue to do so and be ready to provide the information to the Regulator when its data collection requirements are updated.
Trustees do have a separate duty to notify the Regulator as soon as reasonably practicable of any change in registrable information. There is a notification requirement if:
- A new FM provider or an IC provider is appointed (in respect of an FM provider, the notification would need to cover the qualifying tender process).
- An existing FM provider or IC provider is reappointed or has its term extended (in respect of an FM provider, the notification would need to cover the qualifying tender process).
- An FM provider or an IC provider changes name or address.
- The trustee ceases to comply with objective setting, objective review, and performance review in respect of an IC provider.
The Regulator confirms that Trustees can use Exchange to provide the necessary updates.
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