Regular round-up of the latest pensions, investments, trusteeship and scheme management news

Current Issues - June 2023

02 Jun 2023 - Estimated reading time: 6 minutes

See excerpts from this month's articles below (to read more, please download our latest Current Issues). 

Public-sector pensions update

[Highlights from the public service pensions world in the last month. Please view the full publication for details.]

Call for evidence on DB auto-enrolment standards

The Department for Work and Pensions (DWP) has called for evidence on the alternative quality requirements that defined benefit (DB) and hybrid schemes must meet to be used for auto-enrolment. The DWP has a statutory obligation to review the provisions at least every three years.

Potential £250m ‘lift’ for DC investment innovation

As part of the Long-term Investment for Technology and Science (LIFTS) initiative, the British Business Bank is seeking proposals for the establishment of new funds or investment structures to mobilise institutional investors, particularly DC pension funds, to support UK science and technology innovation. The Government has committed up to £250m in support of successful proposals (having published the results of a request for feedback on the LIFTS initiative).

Acknowledging the reality of the responsible-investment pachyderm

According to a new blog post from the Pensions Regulator, ‘The ESG elephant is now in the room’. The message is that 'ignoring [environmental, social and governance (ESG)] factors is no longer an option for pension trustees'.

Data breach warnings

The Pensions Regulator issued a statement about a hacking incident involving Capita, the administration services provider. It says that Capita clients should establish whether they have been affected and keep open their lines of communication with the provider. They should also be prepared for member questions, warn them about scams, keep them up to date about the status of the investigation, and be on the look-out for any suspicious transfer activity. There is a note of who to contact if the scheme has suffered a data-security breach, and a link to the Regulator's cyber-security guidance.

No Get-Out-Of-Jail-Free card for dashboards malfeasance

The Pensions Dashboards (Prohibition of Indemnification) Act 2023 received Royal Assent on 2 May 2023. Once it has been brought fully into force it will prohibit reimbursement out of scheme assets of trustees and managers of pension schemes for any fines imposed under the pensions dashboards legislation, and make it a criminal offence if they are knowingly reimbursed in contravention of the prohibition.

Regulatory blogging

[Highlights from two recent tPR blogs. Please view the full publication for details.]

HMRC newsletters: May 2023

[Highlights from HMRC's Pensions Schemes Newsletter 150. Please view the full publication for details.]

Current Issues - June 2023


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