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Coming full circle: Closing Loopholes No 2 reinstates the common law tests
On 7 December 2023, Parliament passed the Fair Work Legislation Amendment (Closing Loopholes Act 2023),
Pensions Regulator announces initiative to check pension savers are getting value for money
United Kingdom | Publication | April 2023
Further to its blog last month, on March 27, 2023, the Regulator published a press release announcing the launch of a new initiative to check savers are getting value from their pensions.
Under the initiative, the Regulator will be checking that trustees of DC schemes with assets under management of less than £100 million are complying with new value for members (VFM) regulations that came into force in October 2021.
Taking a "data-led approach" in selecting schemes, the Regulator will contact them about their VFM assessment, including those that have indicated they have failed the assessment. The initiative will then check that trustees have plans in place to improve their assessments.
The Regulator intends to publish the results of its DC Survey for 2022 (conducted from October 25, 2022, to December 21, 2022) later in the year.
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