United Kingdom | Publication | October 2024
Steps are being taken to raise the bar on Master Trust activities in the absence of legislative requirements.
Master Trust trustees are aware that there are already stringent regulations in place for Master Trust trustees to deliver national economic growth, and undertake effective investment stewardship to drive real-world change. There is now additional encouragement on voluntary adherence to all the principles of the Effective System of Governance (ESOG) processes. The ESOG principles of compliance are as follows:
While there is no obligation for Master Trust trustees to comply with ESOG, it is suggested that compliance with it could result in better governance, and could maintain savers’ confidence in the trust.
Publication
The Court of Appeal has overturned a 2023 High Court decision in Manolete v White [2024], ruling that courts cannot issue injunctions requiring members to draw down their occupational pensions to make them available to judgment creditors.
Publication
The Chancellor presented her maiden Budget on October 30, 2024.
Publication
On October 29, 2024, the PPF published a response to its March 2024 consultation, confirming that it would proceed with its proposal to give actuaries the option of using a bespoke discount rate assumption in s. 143 valuations of smaller pension schemes.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023