Pension trustees' agenda: key legal issues January 2021

• Pension Schemes Bill 2019 - 2021 - ESG - new climate change trustee governance duties
• Proposal that trustees act and report on scheme exposure to effects of climate change
• Review ESG default fund and other self-select ESG funds

Find out more about environmental social governance and climate change issues

• Ensure the data reconciliation is completed;
• Review and clean up your common and conditional data;
• Review the new guidance from HMRC on lump sum payments, annual allowance and lifetime allowance protection;
• Remember the HMRC guidance does not cover conversion of benefits, the so-called “D2 option” – legal advice must be sought;
• Watch out for the Lloyds 3 judgment on how to deal with transfers.

Read the latest HMRC guidance.

• Consider transferring DC assets sub £100m to master trusts before 1 October 2021 regulatory changes. Find out more here.
• Possible consolidation of underfunded DB schemes into superfunds. Find out more here.
• Buy-ins and buy-outs - contact your TLT adviser