UK Pensions Action Plan Q3 2023

The Action Plan Q3 2023 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.

Topics addressed in this edition include:

• The Pension Scams Industry Group's new interim practitioner guide on the 2021 transfer regulations, which includes guidance on topics including “clean lists”, the “overseas investment” flag and the “incentive to transfer” flag.
• The latest developments in relation to liability-driven investment and impact on the timing of the new scheme funding regulations and code.
• The current position on pensions dashboards.
• The Pension Regulator's (TPR) new guidance on equality, diversity and inclusion (including guidance for employers on the right for trustees to take reasonable time off during working hours).
• The impact of "Green Day" and the government's new Green Finance Strategy on pension schemes.
• New TPR guidance on employer-related investment.
• A number of important developments for defined contribution schemes and sections, including new disclosure requirements around investment in illiquid assets, a new regulatory initiative to check that the trustees of schemes with assets under management of less than £100m are complying with the "value for members requirements" introduced in October 2021, and a consultation on a completely new "value for money" framework.

To receive your copy of the Action Plan, please ask your usual Osborne Clarke contact.