The Month In Pensions – December 2020 – Pensions in 2021 – key trends and developments

In The Month In Pensions for December 2021, Ian Chapman-Curry looks at what a return to working from home and the broader shift to agile working means for the pensions industry.

We then look over some of the key developments that have made the headlines in the world of pensions in December 2021, including:

• Deadline reminder for trustees to submit compliance statement to the CMA - Click here for the CMA’s order and reporting requirements
• FCA publishes final rules on facilitating a stronger nudge to Pension Wise guidance - Click here for the FCA’s final rules and guidance on the stronger nudge to guidance
• DWP consults on changes to the charge cap for default funds used for automatic enrolment - Click here for the DWP’s consultation ‘Consultation on enabling investment in productive finance (30 November 2021)’
• TPR announces inclusion of the first superfund on its online register - Click here for TPR’s DB superfunds list and assessment
• TPR issues guidance on the governance and reporting of climate-related risks and opportunities - Click here for TPR’s guidance ‘Governance and reporting of climate-related risks and opportunities (16 December 2021)’
• PPF publishes its final levy rules for 2022/23 - Click here for the PPF’s final levy rules

We then look to the coming year to see what the key developments and trends will be for pensions in 2022.

You can find this episode and the accompanying transcript on our website: https://gowlg.co/3sZb05X 

For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk 

Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.

We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r 

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This podcast may contain information of general interest about current legal issues, but does not give legal advice.

In The Month In Pensions for October 2021, Ian Chapman-Curry looks at what the Autumn budget and spending review covered on pensions (or, rather, what it didn't cover).

In this month's interview, Ian Gordon takes us through two key cases (Britvic and Axminster), judgments for which were handed down in June.

We also look over some of the other developments that have made the headlines in the world of pensions in October 2021, including:

• Pension Schemes Act 2021 brings in new TPR powers - ‘Pensions law is changing on 1 October 2021 - Are you ready? (29 September 2021)’.
• TPR sets out how it intends to use its new powers - ‘The Pension Schemes Act 2021: The new landscape for DB schemes (26 October 2021)’.
• The PPF consults on its 2022/23 levy rules
• TPO issues guidance on communicating with members
  • ‘Annual Report shines a spotlight on activity at The Pensions Ombudsman (7 October 2021)’; and
  • TPO’s ‘Communicating with members (1 October 2021)’.
• DWP finalises legislation for simpler annual benefit statements - ‘Government response: Simpler annual pension benefit statements (19 October 2021)’.
• DWP consults on portfolio alignment metrics for climate risk reporting - ‘Climate and investment reporting: setting expectations and empowering savers – consultation on policy, regulations and guidance (21 October 2021)’.

Then we take a quick look at what is coming down the tracks for pensions in November 2021.

You can find this episode and the accompanying transcript on our website: https://gowlg.co/3jY39Ac 

For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk 

Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.

We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r 

Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 

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This podcast may contain information of general interest about current legal issues, but does not give legal advice.

In The Month In Pensions for March 2021, Ian Chapman-Curry looks at the wave of consultations that have been released by government departments and The Pensions Regulator.

In this month's interview, Liz Wood explains the impact that the Pension Schemes Act 2021 will have on employers that sponsor defined benefit pension schemes.

We also look over some of the other developments that have made the headlines in the world of pensions in March 2021, including:

• TPR launches consultation on draft single code of practice - Click here for TPR's ‘New code of practice consultation’ (17 March 2021).
• DWP consults on information gathering powers - Click here for the DWP's consultation ‘Strengthening The Pension Regulator’s Powers: Contribution Notice and Information Gathering Powers Regulations 2021’ (18 March 2021).
• TPR consults on employer resources test regulations - Click here for the DWP’s consultation ‘Strengthening The Pension Regulator’s Powers: Contribution Notice and Information Gathering Powers Regulations 2021’ (18 March 2021).
• DWP consults on diversification of DC investment portfolios - Click here for DWP’s consultation ‘Incorporating performance fees within the charge cap’ (18 March 2021).
• TPR issues its revised 15 year strategy for the future - Click here for TPR’s strategy paper ‘TPR Strategy: Pensions of the future’ (10 March 2021).
• No surprises for pensions in the March Budget statement - Click here for HM Treasury’s Budget 2021 documents webpage.

Then we take a quick look at what is coming down the tracks for pensions in April 2021.

You can find this episode and the accompanying transcript on our website: https://gowlg.co/3QF9JJl 

For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk 

Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.

We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r 

Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 

Want to get to know us? Follow us on:

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This podcast may contain information of general interest about current legal issues, but does not give legal advice.

In The Month In Pensions for February 2021, Ian Chapman-Curry looks at a survey of defined benefit scheme trustees that suggests the age of the quarterly trustee meeting is over.

We also look over some of the other developments that have made the headlines in the world of pensions in February 2021, including:

• Government issues further consultation on climate change risk -
• • See details of the new consultation 'Taking action on climate risk: improving governance and reporting by occupational pension schemes - response and consultation on regulations' on the Department for Work and Pensions' consultation webpage; and
  • Listen to our on demand webinar on ESG implementation – challenges and practical solutions.
• The Pensions Regulator (TPR) confirms increase in regulatory activity in Q4 2020 - Visit  the TPR’s press release 'Enforcement activity rises as expected to protect savers (18 February 2021)'.
• Pensions Protection Fund (PPF) publishes levy rules and policy statement for 2021/22 levy year - See the PPF’s 2021/22 levy webpage for details.
• The Pensions Administration Standards Association (PASA) issues guidance on tax issues in GMP equalisation - Visit the PASA GMPEWG Guidance Note on Tax Issues.
• The Pension Schemes Act 2021 becomes law –
• • Visit our Pension Schemes Act 2021 hub; and
  • See our one-page overview of what the Pension Schemes Act 2021 will mean for trustees.

Then we take a quick look at what is coming down the tracks for pensions in March 2021.

You can find this episode and the accompanying transcript on our website: https://gowlg.co/3xlZF1g 

For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk 

Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.

We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r 

Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 

Want to get to know us? Follow us on:

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This podcast may contain information of general interest about current legal issues, but does not give legal advice.

In The Month In Pensions for January 2021, Ian Chapman-Curry focuses on the legislation that will become the Pension Schemes Act 2021. At the point of recording, the Pension Schemes Bill 2019 – 21 was on the cusp of receiving Royal Assent so this episode focuses on what it will mean for pension scheme trustees and employers.

When enacted, the Pensions Schemes Bill 2019 – 21 will see changes to the funding regime for defined benefit pension schemes along with giving The Pensions Regulator more powers. It will also provide the statutory framework for pensions dashboards and collective defined contribution schemes.

We've created one page overviews of the key issues and actions for trustees and scheme sponsors:

• Trustees for our one page overview for trustees; and
• Sponsors for our one page overview for scheme sponsors.

We'll also look over some of the other developments that have made the headlines in the world of pensions in January 2021, including:

• DWP publishing its response to default fund charge cap consultation (DWP’s consultation response ‘Review of the Default Fund Charge Cap and Standardised Cost Disclosure’);
• Government announces expansion of Dormant Assets Scheme to certain pension assets ( press release issued by HM Treasury and the Department for Digital, Culture, Media & Sport);
• TPR issues interim response to its funding code consultation ( TPR’s DB funding code of practice consultation interim response);
• PPF issues response to its levy consultation (the PPF’s ‘Outcome of the 2021/22 levy consultation’); and
• Small Pots Working Group issues report (Small Pots Working Group Report).

You can find this episode and the accompanying transcript on our website: https://gowlg.co/3DfNlDs 

For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk 

Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.

We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r 

Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 

Want to get to know us? Follow us on:

LinkedIn: https://gowlg.co/3hqmatB

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This podcast may contain information of general interest about current legal issues, but does not give legal advice.

In The Month In Pensions for December 2020, Ian Chapman-Curry focuses on the key trends and developments that will dominate the world of pensions in 2021. With a backlog of legislative, regulatory and policy developments, 2021 promises to be a busy year for anyone working in the pensions industry.

The Pensions Schemes Bill 2019 – 21 will see changes to the funding regime for defined benefit pension schemes along with giving The Pensions Regulator more powers. It will also provide the statutory framework for pensions dashboards and collective defined contribution schemes.

But 2021 will be about more than primary legislation. The Pensions Regulator will be updating its codes of practice as it moves towards a single code, environmental, social and governance issues will continue to be a trend, with an increasing emphasis on climate responsible investing and the government will tackle discrimination issues in public sector pension schemes.

With so much going on, we've brought together ten key trends covering the most important issues that will dominate agendas and work streams throughout the year. Make sure that you stay ahead of the curve with our guide to pensions in 2021.

You can find this episode and the accompanying transcript on our website: https://gowlg.co/3RHeKCH 

For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk 

Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.

We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r 

Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 

Want to get to know us? Follow us on:

LinkedIn: https://gowlg.co/3hqmatB

Twitter: https://gowlg.co/35Do0nY 

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Instagram: https://gowlg.co/3tEf2iq 

This podcast may contain information of general interest about current legal issues, but does not give legal advice.

In The Month In Pensions for November 2020, we focus on two related and increasingly intertwined areas – pension scams and cyber crime - and ask are you ready for cyber scams?

Ian Chapman-Curry is then joined by Charlotte Scholes, a principal associate in our specialist pension disputes team, to discuss the latest in GMP equalisation with the third judgment on Lloyds.

Also covered in this month's edition are:

• TPR asks trustees to pledge to combat scams - Click here for TPR’s press release ‘Make a pledge to combat pension scams, industry urged (10 November 2020)’: https://bit.ly/2KZnPt3;
• PASA issues cyber crime guidance - Click here for PASA’s ‘Cybercrime Guidance (November 2020)’: https://bit.ly/2VoA447;
• DWP publishes statement of policy intent for guidance ‘nudge’;
• TPR publishes new trustee guidance on sponsoring employer distress - Click here for TPR’s guidance ‘Protecting schemes from sponsoring employer distress’: https://bit.ly/3qm2A4D;
• Pension Schemes Bill 2019-21 clears the House of Commons - Click here for the Parliamentary webpage on the Pension Schemes Bill: https://bit.ly/33ywg4M;
• Coronavirus Job Retention Scheme extended;
• High Court rules on trustee obligations on GMP equalisation and transfers out - Click here for our Insight ‘GMP equalisation: duty does extend to past transfers’: https://bit.ly/3mx3j0P
• Click here for the full text of the judgment in Lloyds Banking Group Pensions Trustees Ltd v Lloyds Bank PLC & Ors [2020] EWCh 3135 (Ch) (20 November 2020): https://bit.ly/3g2BGtV

We also look forward to some of the developments to expect in December 2020.

You can find this episode and the accompanying transcript on our website: https://gowlg.co/3xeQiAn

For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk.

Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.

We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r

Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41

Want to get to know us? Follow us on:

LinkedIn: https://gowlg.co/3hqmatB

Twitter: https://gowlg.co/35Do0nY

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This podcast may contain information of general interest about current legal issues, but does not give legal advice.

In The Month In Pensions for October 2020, we join The Pensions Regulator in gazing into the future and consider what the world of pensions will be like in 15 years' time.

See The Pension Regulator's 'Pensions of the future - a discussion on our strategy (16 October 2020)': https://bit.ly/3owKcp6 

Also covered in this month's edition are:

• DWP gives green light to standardised simpler annual benefit statements for DC auto enrolment pension schemes (See the DWP’s response to its consultation ‘Simpler annual benefit statements for workplace pensions’: https://bit.ly/3kEp7GY);
• PPF consults on the 2021/22 levy (See the PPF’s consultation ‘Have your say on our 2021/22 levy rules’: https://bit.ly/3mraS8D);
• Public sector exit payment caps to come into force (See our insight ‘Public sector exit cap in force from 4 November 2020 (15 October 2020)’: https://bit.ly/3dZW91z);
• TPR publishes new guidance on superfunds (See TPR's guidance 'Superfund guidance for prospective ceding trustees and employers (21 October 2020)’: https://bit.ly/35y6X3a);
• Action Fraud reveals extent of pension scam activity in wake of COVID-19; and
• ECJ decides on VAT and pension management services case (See the full text in the judgment of United Biscuits (Pensions Trustees) Ltd. and another v Commissioners for HM Revenue and Customs (C‑235/19): https://bit.ly/2TvuDiW).

We also look forward to some of the developments to expect in November 2020.

You can find this episode and the accompanying transcript on our website: https://gowlg.co/3QCwspt

For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk.

Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.

We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r

Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41

Want to get to know us? Follow us on:

LinkedIn: https://gowlg.co/3hqmatB

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This podcast may contain information of general interest about current legal issues, but does not give legal advice.

In The Month In Pensions for September 2020, we go back to school and consider what is coming down the tracks for trustees and employers in the final third of 2020.

Ian Chapman-Curry is also joined by Gowling WLG pensions partner Christopher Stiles to discuss his latest Insight on GMP equalisation: https://bit.ly/30zranJ 

Also covered in this month's edition are:

• TPR's confirmation of the end of the COVID-19 easements on reporting payment failures;
• Government consultation on ESG and climate change (https://bit.ly/36iUO4e);
• Government consultation on investment innovation and improving outcomes for DC members (https://bit.ly/2EHVpko);
• Pensions Minister confident that the Pension Schemes Bill 2019 - 21 will be in law this year;
• Government confirms plans to increase the minimum pension age (https://bit.ly/36dwtg5);
• Pensions Dashboard Programme to publish initial data standards for dashboards by the end of 2020 (https://bit.ly/30j7Z11); and
• High Court rectifies successive deeds in summary judgment (https://bit.ly/2G9l5ap).

We also look forward to some of the developments to expect in October 2020.

You can find this episode and the accompanying transcript on our website: https://gowlingwlg.com/en/insights-resources/podcasts/2020/the-month-in-pensions-september-2020/

For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk.

Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.

We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r

Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41

Want to get to know us? Follow us on:

LinkedIn: https://gowlg.co/3hqmatB

Twitter: https://gowlg.co/35Do0nY

Facebook: https://gowlg.co/3th2w8N

Instagram: https://gowlg.co/3tEf2iq

This podcast may contain information of general interest about current legal issues, but does not give legal advice.

In The Month In Pensions for July 2020, we focus on the role that technology will play in improving customer service in the pensions industry.

Ian Chapman-Curry is also joined by Gowling WLG pensions partner Joanne Tibbott to discuss the Department for Work and Pensions' review of the charge cap that is applicable to certain defined contribution schemes.

For the full text of Joanne's Insight, visit: https://gowlingwlg.com/en/insights-resources/articles/2020/dwp-kicks-off-charge-cap-review/

Also covered in this month's edition are:

- the Pension Schemes Bill 2019 - 21 delayed until autumn;

- Government consultations on changes to public sector pension schemes;

- PLSA publish a simple guide to GMP equalisation

• Click here for the PLSA’s ‘Simple Guide to GMP Equalisation’;
• Click here for the first part of our introductory Insights on GMP equalisation;
• Click here for the second part of our introductory Insights on GMP equalisation.

- High Court rectifies pension scheme’s increase rules to remove hardwired RPI provisions (Univar UK Limited v Stephen Smith and others [2020] EWHC 1596 (Ch)

• Click here for our Insight ‘High Court rectifies pension scheme’s increase provisions to remove hardwired RPI’;
• Click here for the full text of the judgment.

- High Court rectifies pension scheme’s increase rules to remove hardwired RPI provisions (Safeway Ltd v Newton & Ors (Rev 1) [2020] EWCA Civ 869 (13 July 2020)

• Click here for our Insight ‘Court of appeal rules that normal pension ages under Safeway pension scheme were equalised retrospectively’;
• Click here for the full text of the judgment.

We also look forward to some of the developments to expect in August 2020.

You can find this episode and the accompanying transcript on our website: https://gowlg.co/3DljYzJ

For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk.

Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.

We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r

Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41

Want to get to know us? Follow us on:

LinkedIn: https://gowlg.co/3hqmatB
Twitter: https://gowlg.co/35Do0nY
Facebook: https://gowlg.co/3th2w8N
Instagram: https://gowlg.co/3tEf2iq

This podcast may contain information of general interest about current legal issues, but does not give legal advice.