The Pensions Regulator is expected to consult on a draft code of practice on collective money purchase schemes this month.
7 January 2022
Deadline for submitting annual compliance statement on investment consultancy and fiduciary management to the Competition and Markets Authority confirming compliance with the CMA Order.
31 March 2022
Deadline for sending:
- scheme returns to the Regulator; and
- contingent asset certificates, asset backed contribution certificates and special category applications to the Pension Protection Fund.
The Regulator has confirmed the addition of new questions for DB and hybrid schemes in this year's scheme return including for applicable schemes the website address for the SIP, implementation scheme, climate change report publication and the chair's statement and also the trustee assessment of the employer covenant grading (if available).
The final PPF levy rules for 2022/23 confirm the continuation of the 2021/22 processes introduced to ease the impact of the pandemic including the small scheme adjustment, COVID-19 payment easement and the lower cap on the risk-based levy (for further details see here). The final rules contain one additional measure for 2022/23 only, a limit of 25% on increases to the risk-based levy designed to safeguard the small proportion of schemes whose levy bill would otherwise increase (80+% are estimated to see their risk-based levy decrease).
31 March 2022
Legacy public sector schemes will close to future accrual on 31 March 2022 with reformed schemes opening on 1 April 2022 – see our December Insight.
The Regulator's new single code of practice is expected to be laid before Parliament this Spring. One of the most notable developments is the requirement for schemes with 100 or more members to complete an 'own risk assessment'. You can download our essential guide to the new code here.
Draft DWP regulations on defined benefit scheme funding are expected to be published this Spring.
The Pension Scheme Act 2021 and secondary legislation herald a new DB scheme funding approach which will require trustees to set a scheme-specific funding and investment strategy (known as the 'long term objective') and produce a written statement of the strategy, a copy of which must be sent to the Regulator.
A new DB funding code of practice will set out the Regulator's approach to this new framework including the introduction of a twin-track approach, fast track for those schemes that can meet set guidelines and a bespoke route for those that need additional flexibility. The second consultation on the new code has been delayed until late Summer 2022. The first consultation can be accessed here.