Pension News – March 2021

  • Pension Webinar

    In January 2021 Ensors teamed up with First Actuarial and BDB Pitmans to produce a webinar covering some of the issues raised in this newsletter.
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  • GMP equalisation

    The High Court judgment on the 23rd November 2020 said defined benefit schemes should revisit historic cash equivalent transfer values and equalise guaranteed minimum pensions (GMP) and top up where necessary. The judgement does not force organisations to actively correct all pensions transfers, the judgement states that Trustees should “proactively consider this”.
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  • DC consultation – the end of the small DC scheme?

    The DC consultation issued in September 2020 is now closed and is awaiting DWPs response. However, the proposal is that all the amendments within the consultation will be brought into force on 5 October 2021.
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  • Going Concern/ Employer covenant disclosures

    2020 gave us a whole raft of challenges and many Trustees and Administrators would have experienced a whole host of additional questions from their auditors on the strength of their employer covenant, and their COVID risk assessments. Hopefully we are now at the end of the second and final lockdown, but the financial effect of the pandemic will be far reaching. Clearly the impact will depend on your industry sector, but 2021 is still going to include a continued focus on the trustee assessment of going concern.
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  • Environmental, Social and Governance considerations (ESG)

    ESG bought about a big shift in the culture of the UK Pensions sector, but in doing so gave the members increased transparency and protection. The pandemic has refocused our mindset again and now more than ever there is an increased focus on Environmental, Social and Governance factors not just from the Regulator, but on savers wanting to know how their money is invested and how the climate related financial risks to their savings are being managed.
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