“Aims to ensure greater consolidation across pension and retirement saving schemes, together with a focus on value for members, suggest that there is some common ground between the main political parties. However, the Labour Party has said it will be championing financial inclusion to ensure everyone has access to affordable products and services. It has also made important references to the implications of AI along with forward-looking cross-regulatory coordination. There’s also an interesting “ask” for the Pensions Regulator to give “explicit guidance” on fund and strategy suitability – not ..read more

In a recent article for Professional Pensions, senior counsel Naomi Brown ponders the question “Can surplus scheme funds be returned to the employer?”. In particular, she looks at why returning surplus to employers is such a lottery and whether it can be fixed. You can read Naomi’s piece, originally published in Professional Pensions, on our website here. The post Naomi Brown discusses the ‘fix’ of surplus funds first appeared on Sackers ..read more

Partner Jacqui Reid was one of the participants at a recent roundtable hosted by Corporate Adviser which focused on the areas likely to cause friction in the emerging secondary master trust market. These included exorbitant value for money assessment costs, an excessive focus on charges and conflicts of interest for trustees.  Participants agreed that basic standardisation of the process around master trust to master trust transfers is essential if the government’s VFM agenda is to deliver good member outcomes. You can read Jacqui’s comments in full below: Improving the secondary master t ..read more

Amy Difford, senior associate, is quoted in an article in the May edition of Pensions Age which looks at how the resource-strained Pensions Ombudsman is fighting back against a record caseload.  She comments on the new early resolution service it has introduced and suggests that more flexibility could be introduced into the legislative framework that TPO works within. You can read Amy’s comments in full, here. The post Amy Difford comments on mounting delays and an increased caseload at TPO first appeared on Sackers ..read more

The Pensions Ombudsman has partly upheld the claim of a pensioner of the BIC UK Pension Scheme, meaning the trustee can only recoup a fraction of the overpayment. Some have said the decision lays down a marker for how the new ombudsman will deal with similar cases. In an article in Mallowstreet, senior counsel Arshad Khan gives his views on the decision and highlights two practical points which trustees who are facing similar overpayment cases will need to consider when responding to members. You can read Arshad’s comments in full, here (Mallowstreet membership required). The post Arshad Khan ..read more

The PLSA has appointed Sackers partner Philippa Connaughton to its DB Policy Committee. Philippa’s links with the PLSA go back to 2007 when she volunteered to answer a pensions hotline. Since then, she has spoken at many PLSA events and, for the last 10 years, has been delivering the PLSA Trustee Training workshops which she helped to design and develop. With a broad practice advising trustees and employers on all aspects of UK pensions law, regulation and industry best practice, Philippa is well placed to support the DB Policy Committee’s work. Commenting on her appointment, Philippa said: “I ..read more

We are delighted to announce that we have become a corporate member of the Group for Autism, Insurance, Investment and Neurodiversity (GAIN), as a further demonstration of our commitment to ED&I.  We are also proud to be only the second law firm to do so. GAIN is a community interest organisation, which is committed to championing neurodiversity through an industry-wide initiative to create neuro-inclusive workspaces, as well as improving the employment prospects of neurodivergent people in insurance, investment and related areas of financial services (including the pensions industry ..read more

Associate director Emily Rowley was one of the speakers at Barnett Waddingham’s DB conference on 25 April on the evolution of the alternative risk transfer market and the role of endgame solutions. Emily joined Barnett Waddingham risk transfer partner Richard Gibson and Clara Pensions CEO Simon True in a discussion which explored the benefits of consolidation but also questioned whether a public sector consolidator solution for defined benefit schemes is needed, given the vibrant risk reduction market and number of options available to schemes aiming to reduce risk. The event was covered in Pr ..read more

Partner Janet Brown comments: “After decades in the wilderness, DB surpluses are back in business. The Government’s consultation on options for DB schemes, which closes tomorrow (19 April), explores how to remove practical (or as referred to in the consultation ‘behavioural’) barriers to returning surplus. Others may refer to it as case law in the area! With the current rules-based lottery governing what, if anything, can be done with a surplus on an ongoing or wind-up basis, making a level playing field with a statutory override to at least open a dialogue on using a surplus is an admirable a ..read more

With the new funding regime edging ever closer to the finishing line, TPR’s consultation on the new statement of strategy (“the Statement”) closes tomorrow, 16 April 2024. Forming an integral part of the new requirements for all DB schemes to have a funding and investment strategy, the consultation focused on the proposed form of the new Statement, including the extent of information that will need to be submitted (and evidenced) to TPR. Eleanor Daplyn, Sackers partner, comments: “We welcome TPR’s emphasis on taking a proportionate approach and desire to “streamline” the information collected ..read more