Welcome to the first Pensions Law Update of 2024, and a very happy New Year to you all.
We’re kicking off the year with articles on the Pensions Regulator’s new General Code, ESG litigation risk and cyber security, all of which we anticipate will be hot topics for the pensions industry in 2024. And the two latest episodes of the Burges Salmon Pensions Pod focus on two more key themes for this year – AI and the Virgin Media decision (regarding s37 certificates for contracted out schemes).
Elsewhere we have articles on some of the ever-important aspects of running a pension scheme. These include the latest update from the Pensions Regulator on pensions and corporate activity, the practical impact of the CMG decision on trustees seeking to recoup disputed pension overpayments and learning points from a recent “pensions liberation” fraud case.
We hope you find this round up helpful but, as always, do get in touch if have any questions or you would like to discuss anything further.
ESG Update
ESG litigation: how can schemes identify and mitigate risk?
Kate Granville Smith (Director and ESG lead) and Suzanne Padmore (Partner) explore this rapidly developing area and consider what ESG litigation risk means, the key themes that may give rise to claims and what steps pension scheme trustees can take to mitigate against those risks.
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News and Insights
The Pensions Regulator's new General Code published
On 10 January 2024, the Pensions Regulator laid its long-awaited General Code before Parliament. With the Code expected to come into force towards the end of March, Partner Susannah Young shares some initial thoughts on the new requirements and next steps for trustees.
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Court of Appeal’s “competent” court decision: the Pensions Ombudsman responds
The Pensions Ombudsman has published its promised response to the Court of Appeal’s conclusion in the CMG Pension Trustees Ltd v CGI IT UK Ltd case that it is not a “competent court” for the purposes of recouping contested pension overpayments. Alongside the factsheet, the Ombudsman has also published the first determination in an overpayments case post CMG – we consider both and look at the practical takeaways for trustees.
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The Pensions Regulator focuses in on cyber security
The Pensions Regulator has released updated cyber security guidance for pension scheme trustees. Senior Associate Samantha Howell looks at what’s new, including, for the first time, an expectation that trustees and scheme providers will voluntarily report significant cyber incidents to TPR.
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Corporate activity: How will the Pensions Regulator approach protecting pension schemes?
In this blog post Partner Richard Pettit considers a recent speech given by TPR’s Chief Executive, Nausicaa Delfas, which shed some welcome light on what TPR expects from both corporates and trustees when it comes to M&A activity.
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The Pensions Ombudsman’s Dishonesty Unit orders £730,000 repayment
Partner Suzanne Padmore looks in detail at the decision of the Pensions Dishonesty Unit in the Focus Administration determination, a pensions liberation case, and identifies lessons for pension scheme trustees.
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Burges Salmon Pensions Pod: season 4 continues
Season 4 of our Pensions podcast continues. Catch episodes 3 (Artificial intelligence and the Pensions Industry) and 4 (Virgin Media – how are trustees responding to the decision) by following the link.
Listen now >
Pensions Age 2024 awards nominations
And last but not least, some exciting news for our very own Pensions law team, who have been nominated for two awards at the Pensions Age 2024 awards – fingers crossed for next month’s ceremony.
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