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

• SPP publishes practical ESG guide for trustees
• TPO outlines its operating model review
• PASA updates guidance on master trust transfers
• PPI publishes briefing paper on automatic enrolment
• PLSA publishes blog on supporting well run DB schemes

SPP publishes practical ESG guide for trustees

On 19 June 2024, the SPP published a practical guide for trustees on engaging with asset managers on ESG, which aims to provide “a comprehensive outline” of the various ESG disclosure requirements. It includes information about the role of an investment consultant, case studies, and checklists of the information that trustees need from their asset managers in relation to:

• climate reporting
• SIPs and implementation statements, and
• optional additional information on stewardship.

TPO outlines its operating model review

TPO published a blog on 18 June 2024 discussing its operating model review. The review aimed to explore “all potential options for improved efficiency”, and has resulted in certain changes intended to tackle TPO’s historical caseload and reduce queue lengths and waiting times.

As part of these changes, TPO will require all complainants to exhaust the scheme’s IDRP before a complaint will be considered for investigation. Support will continue to be available to individuals prior to, or during, the IDRP process.  TPO hopes to fully implement this change “by autumn”.

TPO expects to publish further blogs discussing the other changes coming out of the review “over the next few months”.

PASA updates guidance on master trust transfers

On 20 June 2024, PASA published updated guidance on master trust transfers, to reflect developments in master trusts since the guidance was originally published in November 2019. The guidance focuses on transfers of members between master trusts, and from a single employer trust to a master trust. It includes model project plans and is designed to support trustees, employers and administrators in completing an “accurate and timely project”.

PPI publishes briefing paper on automatic enrolment

As part of a series of papers setting out some of the pensions policy areas that are likely to receive discussion during the 2024 general election campaign, the PPI has published a briefing paper on automatic enrolment contributions. It explains the current minimum contribution requirements, other possible policy options and key considerations in increasing minimum contributions.

PLSA publishes blog on supporting well run DB schemes

On 19 June 2024, the PLSA published another blog in its series on suggested pensions priorities for the next Government. This blog focusses on the following policies to support DB schemes:

• ensuring that TPR’s new DB funding code enables all DB schemes to “take more investment risk where this is appropriate”
• legislating for the introduction of DB superfunds, ensuring the final regime “offers at least the same level of protection” to members as the DB funding regime, and
• introducing regulations to support greater surplus sharing with “robust protections of member benefits”.