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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 | March 2023
A second Bill extending the auto-enrolment regime was introduced to the House of Commons on February 27, 2023 (when it had its first reading), and the DWP confirmed its support for the Bill on March 3, 2023, when it had its second reading.
The Bill contains provisions that have a similar effect, implementing two key recommendations made by the 2017 independent review of auto-enrolment:
The regulations would be made following a period of consultation on the implementation approach and timing, which is intended to help to ensure they can be implemented in a suitable way to help manage the increased costs involved for all parties. A precise timeline for the changes has not be confirmed.
The committee stage took place on March 15, 2023, when the Bill's provisions were agreed as drafted. Laura Trott, pensions minister, confirmed that a consultation on the implementation and timetable for the changes should take place in the Autumn. The Committee Stage took place on March 15, 2023, with the remaining Commons’ stages scheduled for March 24, 2023.
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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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