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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 | September 2023
On August 24, 2023, the Regulator updated the following guidance:
The guidance has been updated to help DC pension schemes comply with new regulations designed to ensure they consider all the investment opportunities available to achieve best value for savers.
On the first occasion when the SIP is updated after October 1, 2023, trustees will have to state their policy on investing in illiquid assets in the default SIP. They will also be required to disclose the asset class breakdown for each of their scheme’s default arrangements in the Chair’s statement for the first scheme year ending after October 1, 2023.
Trustees have also been able to exclude certain performance-based fees from the default fund charge cap since April 6, 2023, where they consider this is in members’ interests. Exempted fees are to be disclosed the in Chair’s statement.
The Regulator intends to monitor closely the impact of these changes and trustees’ approach to delivering the best outcome for pension savers.
These changes are an interim update while the Regulator waits for Parliamentary time to scrutinise the new General Code (hopefully this Autumn) which will replace 10 existing Codes of Practice, including the DC Code.
Publication
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
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