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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 | November 2023
In a blog post published on November 15, 2023, the Regulator outlined its strategy to transform UK workplace DC schemes into "full-service providers" that will provide support to members when saving into a pension, accessing their savings and post-retirement.
The Regulator acknowledged that some DC scheme trustees do not have the skills, capability, or appetite for this outcome, and urged them to ask themselves "tough questions" and consider consolidation in savers' interests.
The blog refers to the Regulator's five principles on "what good looks like" to guide this transformation. These are: maximising value for money; mitigating risks; offering personalised decumulation options; and providing comprehensive saver support in the lead-up to, and during, decumulation and post-retirement. Some key challenges in turning these principles into a reality include:
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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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