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Pensions Regulator announces changes to the DC scheme return for 2024
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
United Kingdom | Publication | December 2021
Nicola Parish has written a blog citing concerns about weakening employer covenants in the wake of the pandemic and due to current M&A activity.
Focussing on employers most likely to have been negatively affected by recent developments, the Regulator has apparently contacted more than 400 DB schemes to check they have properly considered the risk that their employer covenant has weakened. It is carrying out in-depth engagement with 30 schemes most at risk and has opened nine cases to explore whether further action would be appropriate.
The message for trustees is to be vigilant. This means ensuring they are kept informed of the financial health of their employer and strategic plans, regularly assessing risks and undertaking contingency planning so they can respond quickly to events.
The Regulator says it wants to support trustees but will use its enforcement powers if the scheme is not being treated fairly by employers or if trustees are not acting in savers’ best interests.
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The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
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On July 30, 2024, the Regulator published its market oversight report on how trustees are complying with their environmental, social and governance (ESG) duties, including in respect of climate change.
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We reported last month that the Court of Appeal had agreed with the High Court’s previous judgment that all rule amendments to contracted-out DB schemes between 1997 and 2013 require written actuarial certification. Three pensions professional bodies have now issued a joint statement on the effect of the ruling.
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