7 days
7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.
In this 7 Days
- TPR to engage with professional trustees and to “embrace” innovation
- TPR launches a central ESG resource to “help trustees go beyond minimum compliance”
- Transition plan published for proposed changes for corporate trustees
TPR to engage with professional trustees and to “embrace” innovation
TPR published a blog on 18 October 2024, setting out two new regulatory approaches that go to the “heart” of its ambition to be more “market-facing and outcome-focused”. The first focuses on professional trustees, with TPR planning to establish relationships with the 10 largest professional trustee firms before Christmas. It aims to understand good practice, as well as to identify risks in areas such as ownership structure, conflicts of interest and fees.
Separately, TPR has set up a new “innovation hub” to review industry ideas at an early stage and to provide guidance on the approach TPR would likely take to that innovation. TPR will ask about processes, research undertaken, and how the proposition might fit within the regulatory regime. TPR is “supportive” of innovation but is clear that it must be in the interests of savers.
TPR launches a central ESG resource to “help trustees go beyond minimum compliance”
On 14 October 2024, TPR announced it has brought all its ESG and climate material into one place, to help trustees find support to embed ESG and climate change into scheme decision making.
TPR has also begun refreshing the Trustee Toolkit and will continue the update in a phased approach until next spring. This will include reviewing ESG content in the introduction to investment module which includes information on stewardship, SIPs and annual climate reporting obligations.
Transition plan published for proposed changes for corporate trustees
On 16 October 2024, Companies House published a policy paper with an outline transition plan for implementation of the Economic Crime and Corporate Transparency Act 2023. Once fully in force, the Act will introduce changes to the corporate registration framework which are relevant for corporate trustees, including identity verification requirements (see our Hot Topic for more details).
The new identity verification requirements are expected to be introduced by autumn 2025, with a transition period of 12 months for existing companies who will be required to provide identity verification credentials for their directors and any persons with significant control when their confirmation statement is due.
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