This note, originally issued in September 2019, explains the new obligations on pension scheme trustees in relation to:
- Setting objectives for investment consultants
- Compulsory tendering for fiduciary managers
- Changes to the statement of investment principles (SIP)
- Changes to the annual report
- Requirements to publish certain information on a website
- Notifying members of information available on a website.
We have updated this note to take account of developments over the past year, in particular the delays to certain regulations and guidance following the Covid-19 pandemic.
Trustees should note in particular the obligation to report compliance with the investment objectives and fiduciary management requirements to the Competition and Markets Authority by 6 January 2021, unless DWP regulations are brought into force before this date.
We will cover the government's August 2020 proposals on climate-change risk, and the recent consultation paper on improving outcomes for DC members, in separate notes.
This note is aimed at trustees of occupational pension schemes. However, advisers and employers may find the information useful.
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Authored by the pension team