7 days

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

DWP publishes results of review of the PPF

On 21 December 2022, the DWP published its findings from a departmental review of the PPF carried out during the first quarter of 2022. The review made a limited number of recommendations, having found the PPF to be a “well-run public body”. The recommendations include that:

  • the DWP and PPF work together to understand the implications of the PPF’s funding position in light of expected future developments in DB schemes, eg to address what happens to any funding surplus
  • a levy calculator is provided for schemes and their employers on the PPF’s website, so that schemes and employers can work out what their risk-based levy charge will be in pounds and pence
  • any necessary changes are made so that the PPF’s annual levy can be reduced easily, with flexibility to reintroduce or raise the levy again if circumstances change
  • the Board of the PPF considers commissioning an independent review of the investment strategy, and whether it would be appropriate to seek FCA authorisation and regulation given the increased significance of the PPF’s investment management function, and
  • the DWP and the PPF explore whether it is feasible for the PPF’s skills and capabilities to be used in other ways for public benefit, such as in managing Government investments.

PLSA publishes guidance on good workforce reporting

On 16 December 2022, the PLSA published guidance for companies and investors on workforce disclosures, providing good practice examples of workforce reporting. The guidance aims to improve reporting to help “deliver more effective workforce engagement and, in turn, improved outcomes for companies, investors and workers”. Among other things, investors are encouraged to support companies to produce meaningful reporting by ensuring they are targeted in their requests, focusing on key metrics that are most material to a specific company.

TPR appoints new Chief Executive from March 2023

On 21 December 2022, TPR announced the appointment of Nausicaa Delfas as its new Chief Executive from the end of March 2023, taking over from Charles Counsell. Nausicaa will join TPR from her current role as Executive Director, Governance, at the FCA.