15 July 2022

This timeline offers a snapshot of the main recent pensions legal and regulatory developments and an indication of what is yet to come. We have shown in brackets where a development affects occupational defined benefit schemes (DB), occupational defined contribution schemes (DC) or a subset of these. The date of introduction of future legislation may be subject to change.

If you would like more detail regarding any or all of the developments, please contact Richard Knight or your usual member of the pensions team.

  • 1 October 2021
    • New criminal offences under Pension Schemes Act 2021 (DB)
    • Changes to contribution notice regime (DB)
    • Broader TPR information gathering powers (DB)
    • Increased regulatory fines of up to £1m (DB)
    • Climate risk governance and risk reporting requirements (DB/DC £5bn +)
    • Changes to annual Chair’s statements (DC)
  • 30 November 2021
    • New requirements in relation to statutory transfer checks (DB/DC)
  • 31 December 2021
    • Enhanced value for money assessments (DC £100m or less)
  • 1 June 2022
    • Nudge to pensions guidance for statutory transfers (DC)
  • 1 August 2022
    • Launch of collective money purchase scheme regime (DC)
  • 1 October 2022
    • Simpler DC annual benefit statements (DC)
    • Climate risk governance and risk reporting requirements (DB/DC £1bn +) and obligation to collect and report on a fourth climate metric in line with the Paris Agreement
  • Q4 2022
    • TPR Single Code of Practice (DB/DC)
    • GMP Conversion clarification (DB) (?)
    • New employer related notifiable events and notice obligations (DB) (?)
    • Investment consultancy objectives and fiduciary management  (DB/DC)
  • From 31 August 2023
    • Pensions dashboard (DB/DC)
  • September 2023
    • Changes to DB scheme funding (DB)
    • TRP DB Funding Code of Practice (DB)
  • 6 April 2028
    • Increase in normal minimum pension age to 57 (DB/DC)

Key contact

Richard Knight

Richard Knight Partner

  • Head of Pensions Practice
  • Pensions Services
  • Pensions Legal Advice

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