Pensions: DC trustee agenda update - October 2023

Published Date
Sep 22, 2023
Welcome to our monthly update on current legal issues for trustees of DC pension schemes, designed to help you stay up to date with key developments between trustee meetings, and to support the legal update item on your next trustee agenda. We have a separate update for DB/hybrid schemes.

International data transfers NEW

Schemes that transfer personal data outside the EEA in reliance on standard contractual clauses (SCCs) may need to update their contracts before 21 March 2024. Two new documents replaced the former SCCs and were required to be used for agreements entered into after 21 September 2022. Transitional arrangements in relation to agreements entered into before that date end on 21 March 2024, meaning that such agreements need to be revisited (read more).

ACTION: Make sure any SCCs used by you or your administrator/other third parties are updated.

Climate scenario analysis NEW

The Pensions Regulator (TPR) has published a blog post setting out expectations of trustees in using climate scenario analysis, including reviewing the analysis and adding commentary to upcoming reports or in board minutes (read more).

ACTION: Review your climate scenario analysis in light of the guidance and consider whether additional commentary needs to be recorded.

PLSA guidance on pension sharing NEW

The PLSA has revised its guidance on processing pension sharing orders on divorce, setting out updated suggested ranges for amounts that should be charged in different circumstances and a flowchart on when charges can be made (read more).

ACTION: Check your pension sharing processes and charges against the guidance.

Mansion House reforms

The government published a raft of documents after the Chancellor announced pension reforms as part of his Mansion House speech. The documents included a call for evidence on trustee skills, capability and culture; responses and further consultations on choices in decumulation and the proliferation of small pots; and consultation responses on the new value-for-money framework and extending opportunities for CDC schemes (read more).

Final decisions on the various proposals will be made ahead of the Autumn Statement later this year.

ACTION: Review/ask for training on the proposals.

Dashboards update

TPR has updated its guidance on dashboards compliance (read more) and the DWP has updated its guidance for schemes that are seeking a deferral of their connection deadline (read more).

Watch this space

The government has consulted on changes to the notifiable events regime. There is currently no revised date for the delayed regulations (read more).

TPR has consulted on its proposed single code of practice (to be known as the General Code): watch our webinar on the proposals and read TPR’s interim response. Publication of the revised version of the code is expected soon.

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Content Disclaimer
This content was originally published by Allen & Overy before the A&O Shearman merger