What is the most important pensions issue not addressed in the Mansion House reforms?
David Saunders, senior partner, comments: “2023 was always destined to be another busy year for pension schemes, with so many developments delayed over the last couple of years. And it has not disappointed so far, with a deluge of DC consultations kicking off the year. But the agenda hasn’t quite shaped up the way we were expecting.
Hotly tipped for early 2023, TPR’s general code has been pushed back “due to delays in the parliamentary timetable”, the new DB funding regime’s timing has also slipped from October 2023 to April 2024, and the long anticipated notifiable events regulations are seemingly “unavoidably delayed”.
With the key themes of the Chancellor’s Mansion House speech including increasing returns for pensioners, improving outcomes for investors, and unlocking capital for “growth businesses”, the avalanche of pensions reforms published in its wake clearly suggest that some pensions developments will now be accelerated over others. Against the backdrop of the current pensions backlog, perhaps the most important issues not addressed are how the Government intends to squeeze in time to complete policy measures already in train and how trustees, employers and their advisers might best manage the potential capacity constraints if a pensions developments monsoon ensues.”