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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 | June 2023
On June 19, 2023, the FCA published a new webpage on its Defined Benefit Advice Assessment Tool (DBAAT), incorporating rule changes that have come into force since October 1, 2020, and its non-Handbook guidance on advising on pension transfers.
The latest version includes a section on assessing abridged advice and contingent charging, and the FCA has updated the sections on information collection, suitability and disclosures to reflect the changes made in its policy statement on pension transfer advice (PS20/6).
The updated facility includes DBAAT explainer videos and FAQs.
The FCA launched the DBAAT in January 2021 to help firms and pension transfer specialists understand how it assesses the suitability of DB pension transfer and related investment advice and disclosures. It recommends that they use the tool to assess their own past advice on DB transfers, although this is not a requirement.
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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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