7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.
In this 7 Days
- TPR publishes blog discussing ESG compliance review
- TPR updates the WPC on its pledge to combat pension scams
On 17 May 2023, TPR published a blog on why trustees should consider ESG factors and wider sustainability issues. The blog reminds trustees of TPR’s forthcoming regulatory initiative in relation to SIPs and implementation statements (see 7 Days). The first phase of the initiative involves checking all trustees have published their SIPs and implementation statements where required, and that these documents have been made publicly available. The second phase involves a “qualitative review” of a “cross-section” of SIPs and implementation statements, in relation to the climate, ESG and wider sustainability related provisions in those documents.
TPR is concerned that some schemes are producing “relatively vague and generic” disclosures and it wants to see a change to that practice. The review will focus on the extent to which the DWP’s guidance has been adopted (see our recent ESG publication for details of the guidance). TPR now expects to start its review in the autumn.
In a letter to the WPC dated 9 May 2023, TPR gave an update on its pledge to combat pension scams (“the Pledge”). More than 600 schemes, representing an estimated 16 million members, have made the Pledge. TPR is currently focussing on the second step of the campaign by encouraging those schemes to “go further” and self-certify that they have taken action to meet the Pledge.
TPR also confirmed that it is contributing to the DWP’s review of the conditions on transfers regulations and working with the DWP and industry to prevent pension scams “while not unduly restricting legitimate transfers”. TPR will keep its guidance and educational materials under review as the legislation develops.