Pensions Round-Up November 2021

In this edition of Pensions Round-Up we look at key developments in pensions legislation, case law and regulatory guidance from November 2021 including:

• The Pensions Regulator: the coming into effect of the Regulator’s updated code of practice on contribution notices.
• Department for Work and Pensions: a consultation on changes to the Fraud Compensation Levy ceiling; the government response to the DWP’s May 2021 consultation on DC charges; and a consultation on performance fees and the DC charge cap.
• Legislation: new regulations which prescribe additional conditions that must be met in order for a member to have a statutory right to transfer; the publication of the Finance (No. 2) Bill which includes provisions on normal minimum pension age, scheme pays and public service pension schemes; and the second reading of a Bill relating to conversion of Guaranteed Minimum Pensions.
• Case law: a High Court judgment relating to a claim for rectification of a scheme’s pension increase provision.
• CMA Order: a reminder of the upcoming deadline for submitting compliance statements to the CMA in relation to its 2019 Order which includes provisions on tenders for fiduciary management services and setting strategic objectives for investment consultants.
• On the Horizon: a timeline of some of the key future developments in pensions to help employers and trustees plan ahead.