At the start of August 2020, The Pensions Regulator (TPR) issued its latest ‘Stakeholder Update’ and it is useful to look at the contents.  It has four sections:

News

This looks at, amongst other news:

  • The new Environment, Social and Governance (ESG) reporting duties that come into force on 01 October 2020.  This is where all trustees are required to produce an Implementation Statement for their scheme
  • New guidance from the Pensions and Lifetime Savings Association (PLSA) about the new reporting deadlines and duties
  • TPR’s evolving approach to supervision of schemes in a ‘COVID-19 world’, linking to their blog

 

Events
  • A Defined Benefits (DB) scheme consultation on their proposal for a clearer funding framework. This was published in March 2020 with an extended closing date of 02 September 2020

 

Reports

The publication of two regulatory intervention reports showing how TPR  ‘intervened’ with two DB pension schemes:

  1. Investigation into Bernard Matthews Limited and why it went into the Pension Protection Fund after the company’s insolvency
  2. After settlement discussions and the issue of a Warning Notice, a look at the National Institute of Agricultural Botany pension scheme and how it is now in a stronger position

 

Keep Updated

There are two very interesting issues that employers may want to register their interest in:

  1. The Pensions Dashboards Programme and how employers can sign up for a monthly email newsletter for updates
  2. Signing-up for The TPR’s own newsletter for trustees and scheme managers of pension schemes which can be done by E-Mail to trusteeroundup@tpr.gov.uk

 

 

 

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