Key issues for pension trustees’ agenda 

We'd recommend prioritising these issues on your autumn agenda:

• The impact of climate change on pensions investment
• New industry guidance on GMP conversion
• The Pensions Regulator’s consultation on contribution notices

How climate change is impacting pensions investment

• Trustees must consider the impact of climate change on their investment strategy.
• The Pensions Regulator has set out draft guidance on its expectations on climate change, including when it will think about imposing penalties.
• Sasha Butterworth (Head of Pensions at TLT) discussed how trustees should tackle these new requirements on the Cornwall Insight podcast.

New industry guidance on GMP conversion

• If you’re considering GMP conversion, check out the Pensions Administration Standards Association (PASA) industry guidance.
• It offers pragmatic examples of how trustee boards can approach a conversion project. The guidance also discusses some of the tax consequences that are prompting some trustee boards to delay conversion.
• You can listen to a seminar on the new guidance and read the guidance itself here.

The Pensions Regulator’s new powers

• From 1 October 2021 new regulations have amended the contribution notices regime by introducing the new employer insolvency and employer resources tests.
• The Pensions Regulator has issued a draft code of practice setting out the circumstances in which it will exercise the new powers. You can read the draft code here.