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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 2023
On November 24, 2023, the Regulator published a blog Change is coming – we must grasp this opportunity in savers’ interests in which Nausicaa Delfas wrote that pensions are at a moment of significant change, and that the industry is on a journey towards fewer, larger, well-run pension schemes. She believes that this will help to deliver better outcomes for savers.
In a second blog Developments in the defined benefit alternative arrangements market, published on November 27, 2023, the Regulator urged DB scheme trustees considering a “capital backed journey plan” to engage with it sooner rather than later, following “significant activity” in this area. In the blog, Mike Birch, the Regulator’s Director of Supervision, says that such customised plans may be a good option for some schemes and the Regulator is keen to engage with the market on these arrangements.
The blog states that some elements of the Regulator’s DB superfund guidance will be relevant and further guidance will be published in the new year “to help trustees (and employers) navigate alternative arrangements and highlight factors that may be relevant to trustees’ consideration of these offerings”.
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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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