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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 | April 2023
The Regulator has published a blog in which it discusses why it is putting extra emphasis on compliance with environmental social governance (ESG) and climate change reporting duties in 2023. The Regulator wants trustees, as well as their advisers, to be aware of its expectations and to understand why the focus on ESG is important, so they will be better motivated to meet those expectations.
The Regulator intends to check that trustees of schemes with 100 or more members give detail in their statement of investment principles on how they consider financially material ESG factors including, but not limited to, climate change. These trustees must also publish an implementation statement (IS) which shows how the principles in the SIP have been implemented.
Since 2022, the Regulator has requested that trustees provide a web address via their scheme return so their SIP and IS can be accessed. Of the 220 DC pension schemes that should have provided such web details through last year’s scheme return, only 180 have provided the information as required, and the Regulator expects to see an improvement in compliance.
Publication
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
Publication
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.
Publication
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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