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And an update on notifiable events.
The Pension Regulator’s new “single code of practice” is expected to be laid before Parliament this summer. While we expect some changes to the final version of the code, now is the time to act.
To be compliant with the new code, pension schemes must have an “effective system of governance” in place.
ACTION: Download our handy single code preparation guide and “own risk assessment” fact pack to help you think about the steps you need to take before the code comes into force in the autumn.
From 1 June 2022, schemes must ‘Nudge’ members or survivors who are seeking to transfer, or start receiving, flexible (DC) benefits to take ‘appropriate guidance’.
TPR updated its related guidance on directing members to Pension Wise (including sample member declarations).
ACTION: ensure your scheme and administrators are ready. In particular, check your scheme communications, and record keeping procedures. See our Stronger Nudge fact pack for further key information.
ACTION: Speak to your usual TLT Pensions contact about how we can help.
09 May 2022