With the new funding regime edging ever closer to the finishing line, TPR’s consultation on the new statement of strategy (“the Statement”) closes tomorrow, 16 April 2024. Forming an integral part of the new requirements for all DB schemes to have a funding and investment strategy, the consultation focused on the proposed form of the new Statement, including the extent of information that will need to be submitted (and evidenced) to TPR. Eleanor Daplyn, Sackers partner, comments: “We welcome TPR’s emphasis on taking a proportionate approach and desire to “streamline” the information collected ..read more

Partner Jacqui Reid is quoted in an article for Pensions Age which covers the efforts of regulators and the industry in developing a new framework to measure and report on value for money (VFM). Based on her insight from leading an ongoing industry-wide VFM project with prominent IGCs running contract-based schemes, Jacqui explains why it is challenging to measure value qualitatively. Read the article on pp. 41 – 42 in Pensions Age here. The post Jacqui Reid comments on the challenge in measuring value for money first appeared on Sackers ..read more

In an in-depth article for Solicitors Journal, partner Stuart O’Brien and senior associate Lucy Swart-Mallett review the hurdles facing pension scheme trustees in relation to ESG issues. While trustees have largely got to grips with various regulatory changes since 2019, feedback from the regulator has indicated that there are still areas to tackle and obstacles to overcome. In addition, the continued development of the government’s Green Finance Strategy and the increased global focus on issues such as biodiversity, suggests that there will likely be more requirements coming down the track. S ..read more

In a recent article for Professional Pensions, senior counsel Naomi Brown gives her top five reasons why it is important for schemes to manage minor breaches diligently. Naomi also dissects the nature of reporting such issues and what actions you can take once they happen. You can read Naomi’s full piece in Professional Pensions, here. The post Naomi Brown discusses breaches in Professional Pensions first appeared on Sackers ..read more

Following our success at last year’s awards, we are delighted to have been shortlisted in the ‘Best Pensions Law Firm’ category at the 2024 Corporate Adviser Awards. We look forward to attending the awards ceremony in London on 27 June. You can view the full awards shortlist, here. The post Sackers shortlisted for Corporate Adviser Awards 2024 first appeared on Sackers ..read more

Partner, Helen Baker, comments: “As Parliament closes its doors for the Easter recess, the General Code comes into force. This starts the era of effective systems of governance and own risk assessments and is a significant moment for schemes. That said, and as the Regulator promised, the Code is a part of the evolution of scheme governance rather than a revolution as most of the contents of the Code reflect existing legal requirements and what was covered in the Codes of Practice that have been replaced. The Code provides schemes with a governance road map and makes the Pensions Regu ..read more

In the latest edition of Pensions Age magazine, partner Stuart O’Brien answers the question: are trustees prepared for their evolving fiduciary duties in relation to ESG? This follows the publication of the Financial Markets Law Committee’s (FMLC) report on trustees’ sustainable investment responsibilities. Stuart comments: “It feels like there is a lot more to be done and the FMLC may have fired a starting gun for a deeper consideration of how asset owners might address the systemic risks of climate change.” You can read Stuart’s comments in full and access the March edition of Pensions Age m ..read more

We’re delighted that Sackers has been shortlisted in these three categories for this year’s awards: –  Pension Lawyers of the year –  Pensions Litigation Firm of the year –  Diversity and Inclusion Excellence We look forward to what we hope will be a successful night for Sackers and all our industry friends on 6 June! The post Sackers shortlisted for Professional Pensions UK Pensions Awards 2024 first appeared on Sackers ..read more

Partner Helen Ball comments; “Today’s Budget shows that pension funds remain a focus for the Government’s plans to increase investment in UK plc. DC and Local Government schemes will be required to publicly disclose the breakdown of their asset allocations, including UK equities. If the data indicates that UK allocations are not increasing, the government may well take further action. The new value for money framework has already been under discussion for some time, but the Chancellor also proposes to prevent consistently poorly performing schemes from taking on new business from employers. We ..read more

Commenting for an article in Professional Pensions on what the industry wants (and expects) from the spring budget, Claire Carey said that stability in the pensions tax system would be most welcomed by the industry. She said that much of the industry would “happily wave a fond farewell to the tapered annual allowance” and that any possible new announcements on the LTA would be centred around “trimming around the edges”.   “For example, where the LTA is stitched into a scheme’s benefit design, its absence could leave a gaping hole. News on provisions which could help ease the transiti ..read more