Documents


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.

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.