Welcome to our October Pensions Law update. With Autumn now well underway and the summer a distant memory, it feels like “busy-ness as usual” in the world of pensions.
The slew of consultations and proposals arising out of the Mansion House reforms continues to drive much of the conversation, with LGPS investments and ESG in particular staying in the spotlight. We’ve relaunched our ESG tool to help trustees understand and meet their obligations (the importance of which has been demonstrated this month with the Pensions Regulator issuing its first fine against a scheme failing to publish its TCFD report).
In other news, The Pensions Regulator has updated its guidance on Regulated Apportionment Arrangements, the legislation for implementing the McCloud remedy for public sector schemes comes into force, and we report on another case which explores the extent to which pension rights can (or cannot) be protected from creditors on bankruptcy.
We hope you find this round-up helpful. As ever, please do get in touch if you would like to learn more about any of the topics covered this month – we’d be delighted to hear from you.
ESG round-up
Director Kate Granville-Smith reported on a number of ESG updates this month.
TPR issues its first fine for TCFD reporting failure
The Pensions Regulator issued its first climate change reporting fine (of £5,000) against the trustee of the ExxonMobil Pension Plan for failing to meet the requirements of the TCFD Regulations.
Read more >
Biodiversity and nature risks for pension schemes
After the World Economic Forum's Global Risk Report 2023 cited "biodiversity loss and ecosystem collapse" as the fourth most significant global risk over the next ten years, the Pensions Management Institute and the Zoological Society of London have published a guide explaining the impact on pension schemes and offering advice on how to manage the risks.
Read more >
Re-launch of the Burges Salmon ESG Tool
Our free interactive guide (Commended at The Lawyer Awards 2023) aims to simplify ESG requirements for UK pension schemes for scheme trustees and sponsoring employers. You can request access here.
Read more >
LGPS updates
LGPS investments: proposed changes leave many questions unanswered.
At the beginning of October, the Government’s consultation on proposed changes to Local Government Pension Scheme (“LGPS”) investments closed. The proposals form part of the Government’s wider “pensions and growth” agenda announced under the so-called Mansion House reforms. Partner Michael Hayles [hyperlink] reflects on the proposals and considers some of the key questions that remain unanswered by them.
Read more >
LGPS: McCloud Remedy
In this guide to key resources for LGPS Funds and their administrators, Michael Hayles [hyperlink] seeks to draw together the various strands of legislation and guidance that have been published, to help Funds and their administrators navigate the ever-evolving McCloud-related legal landscape.
Read more >
Other news
Regulated Apportionment Arrangements: updated guidance
Director Chris Brown looks at the Pensions Regulator’s updated guidance on RAAs. Although not a big change in approach, the latest guidance is more detailed and gives helpful examples of relevant considerations.
Read more >
Case law: Manolete v White [2023] EWHC 567 (Ch)
A recent judgment handed down by the High Court reinforces the Court’s power to order a judgment debtor to exercise a right to draw down on their pension for the benefit of creditors as recently seen in Bacci v Green. Disputes Partner Justin Briggs and Solicitor Simon Lellouche explain more.
Read more >
PLSA Conference 2023
The Burges Salmon Pensions team once again visits the PLSA Annual Conference. Newly qualified Solicitor Shannon Wright-Davies shares her experiences as a first timer at the conference in this short blog post.
Read more >
Subscribe to our monthly Pensions newsletter to get email updates straight to your inbox.