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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 | July 2023
On July 10, 2023, the Chancellor set out in a speech at Mansion House the Government’s intended strategy to boost outcomes for savers and increase funding liquidity for high-growth companies through reforms to the UK’s pension market.
Seeking to make the UK capital markets more attractive, the Chancellor has proposed widespread changes across the pensions system. The measures are intended to enable the financial sector to unlock capital for industries and increase returns for savers, while supporting UK economic growth.
There is also confirmation of a commitment from 9 of the biggest providers in the DC retail and master trust market to earmark 5 per cent of their default fund assets to private equity investments by 2030.
The measures affecting occupational pension schemes include a multitude of new consultations and calls for evidence on a diverse range of topics:
All these consultations run until September 5, 2023.
Several responses on previous consultations are also included:
Together with a report on Analysing the impact of private pension measures on member outcomes.
These new reforms have the potential to introduce wide-ranging changes particularly for the DC sector. We will look in more detail at these proposals in our next briefing later this month.
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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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