Employment and pensions
Q1 2023 UK Pensions Action Plan
Published on 9th Nov 2022
The action plan is a summary of changes and proposals in UK pensions law and regulation over the last quarter, which employers and trustees need to respond to now or in the coming year
![Business planning meeting, photo of people's hands holding pens and going over papers](https://oc-static.poweredbyproctors.co.uk/public/images/22/03/16/OC-IS_022.jpg?VersionId=txqsSQcC_sRPe3rt52na9FkaLtw2_mvy)
We have released our Q1 2023 Pensions Action Plan. Topics addressed in this edition include:
- the 10 December 2022 deadline for trustees to complete a review of the strategic objectives they set for their investment consultant and a change to the way that trustees report compliance with the requirements to set strategic objectives for investment consultants and to run a competitive tender for certain fiduciary management appointments;
- an important judgment for trustees who are trying to address past underpayments or overpayments of benefits;
- template wording that trustees can use to make sure that their contract with their scheme administrators covers what will happen should the trustees decide to move to another administrator;
- new expectations for statements of investment principles and implementation statements;
- a reminder of the need for all benefit statements issued on or after 1 October 2022 by defined contribution (DC) schemes used for automatic enrolment to comply with new "simpler annual benefit statement" standards;
- the latest on pensions dashboards;
- the latest on pension scams; and
- important changes on the horizon for the trustees of DC schemes and sections.
To receive your copy of the Action Plan, please ask your usual Osborne Clarke contact.
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