The SPP supports the overall direction of proposed changes to Technical Actuarial Standard 310 (TAS 310) covering actuarial work for collective defined contribution (CDC) pensions.
However, it is important that the standards remain principles-based and proportionate, allowing actuaries to exercise professional judgement while ensuring that key issues such as cross-subsidies, assumptions and scheme sustainability are clearly communicated.
This SPP response sets out its support for aligning the 2015 CARE scheme revaluation date of 1 April, with the start of the tax year (6 April) for the purposes of revaluing active members pensions.
This is because it will align the revaluation date with the tax year, simplify administration, improve consistency between tax and pension calculations, and remove an unnecessary misalignment in the current framework.
However, it will have administrative and communication implications and we therefore recommend its implementation be delayed until 2028/29.
This SPP response to the FCA consultation on ESG ratings welcomes their objective of enhancing transparency and providing robust reliable ratings and minimum disclosures for ESG rating providers.
However, the SPP warn of possible practical challenges that will require further consideration including the impact on smaller providers, access to data as well as legal and governance concerns.
Tags: environmental, ESG, FCA, governance, pension, Pensions, regulation, social, SPP,
The SPP backs the FCA & TPR’s proposed Value for Money framework
but calls for improvements.
This response sets out SPP's views on proposals designed to ensure that trusteeship, governance and administration standards keep pace with the evolving pensions landscape.
The SPP response emphasises that the UK’s current trusteeship framework is working well for the vast majority of members, delivering secure benefits and governance standards that are proportionate to scheme size and complexity.
This new report examines how Covenant assessment is evolving under the UK’s new DB Funding Code and dispels a number of persistent myths along the way.
Tags: covenant, employer covenant, Funding Code, pension, Pensions, SPP,
Like the FCA, the SPP wants a pension market that helps consumers> However, our response cautions that regulators must be wary of adding additional costs and complexity.
Tags: Consumer Duty, digital tools, DWP, FCA, pension, Pensions, regulated, regulation, SPP,
A comprehensive analysis of the DB Investment ecosystem in the UK reflecting on SPP’s Vision 2030 paper, DB investment developments, trends and their likely impact.
Tags: DB, Defined Benefit, investment, pension, Pensions,
The potential of Collective Defined Contribution (CDC) pension schemes is generating widespread interest across the pensions industry.
This SPP paper provides clear, actionable insights on the practicalities of administration, cost management, and governance for CDC schemes, setting out how these can be delivered in a way that makes CDC accessible, resilient, and trustworthy for both employers and savers.
Tags: CDC, Collective Defined Contribution, pension, Pensions, Retirement CDC, SPP,
The SPP has worked closely with the PPF and a range of stakeholders to help ensure the Pension Schemes Bill introduced the necessary flexibility for the PPF to reduce its levy to zero, so we are naturally pleased this is happening.
Whilst this consultation response highlights our support for a reduced levy, we have also taken the opportunity to highlight a number of issues to help improve administrative aspects of the regime.
Tags: DB Schemes, levy, pension, Pension Protection Fund, Pensions, PPF,
The SPP recognises that a sustainable LGPS is in the best interests of scheme members, employers and local taxpayers and so has provided a range of technical comments that should prove helpful in ensuring that government policy intentions are met and that unintended consequences are minimised.
This response sets out the SPP’s views on government proposals to extend access to the LGPS to Mayors and Councillors; to prevent contribution rate shopping by Academies; and to New Fair Deal proposals to help ensure continued access to the LGPS for outsourced workers.
Tags: LGPS, Local Government, pension, Pensions, Public Sector,