Over half of pensions and restructuring lawyers identify ESG as a key risk when assessing the long-term covenant of a defined benefit (DB) scheme sponsor, a PwC survey finds.
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Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of occupational pensions.
This week we cover the following topics: the Pensions Regulator’s annual funding statement; a consultation on updated guidance on contribution notices; a consultation on permitted charges; and pensions dashboards.
TPR: latest annual funding statement
TPR consults on updated contribution notice guidance
Permitted charges consultation
TPR: latest annual funding statement
The Pensions Regulator (TPR) has published its latest annual funding statement. All DB schemes and sponsors should familiarise themselves with the content, and especially those with an effective valuation date between 22 September 2020 and 21 September 2021 (Tranche 16) or where funding and risk strategies are being reviewed in connection with wider scheme changes.
Industry feedback on the contentious ‘employer resources test’ (ERT) is unlikely to significantly shift The Pension Regulator’s (TPR) approach to issuing contribution notices, it says.