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Articles by Carolyn Saunders
Exclusions: Time to move the clocks forward
Alexandra Danielsson, director at Canbury Insights, and Carolyn Saunders, pensions partner at Dentons, argue that with AI, pension funds and other asset owners can finally reopen exclusion policies that no longer stand up to scrutiny Exclusion policies are the daylight saving time of responsible investment. Pension funds inherited their exclusion lists from an analogue era, and whilst the tools have changed, the frameworks have not. Everyone knows they’re broken. Nobody has fixed them.
DWP finalises DB Funding Regulations
The final version of the Defined Benefit (DB) Funding Regulations was published by the Department for Work and Pensions (DWP) on 29 January 2024. The regulations will come into force on 6 April 2024 and will apply to scheme valuations with an effective date on or after 22 September 2024.
Court of Appeal rules that Pensions Ombudsman is not a “competent court” for disputed recoupment claims
Recovery of past overpayments to members can be a significant problem for pension scheme trustees. In such a scenario, trustees may decide to recover these payments by way of recoupment (i.e. recovery overpayments from future instalments of pension).
Picking up speed? An overview of pensions dashboards and potential regulatory challenges
Research has shown that among UK adults aged 18 to 75, engagement with pension arrangements is low, to the extent that in 2022, 55% had undertaken no pension engagement activities. A report from the DWP highlighted that attitudes to pensions were primarily characterised by detachment, with participants being unlikely to actively seek information in relation to their pensions.
Regulator consults on overhaul of DB pension scheme funding regulation
Last week, the regulator published a consultation on its new DB funding code of practice alongside a parallel consultation on proposals for a twin track approach to assessing valuations. It follows an earlier TPR consultation, published in March 2020, on a clearer, more enforceable DB funding framework. Carolyn Saunders of Pinsent Masons said: “A new funding code has been on the agenda ever since the 2018 government white paper on ‘protecting defined benefit pension schemes’.
DWP consults on fresh illiquid asset requirements for DC pension schemes
Carolyn Saunders of Pinsent Masons said: “The new asset allocation disclosure requirement will apply to the chair’s statement for the first scheme year that ends after 1 October 2023.
Reforms to pension charge cap ‘not silver bullet’ for boosting investment
Out-Law News | 23 Sep 2022 | 12:26 pm | 1 min. read UK government plans to accelerate reforms to the pensions charge cap are “unlikely to be the silver bullet” that unlocks pension investments in UK assets and high-growth businesses, according to one legal expert. Plans to the remove “well-designed performance fees” from the pensions regulatory charge cap were included by chancellor Kwasi Kwarteng in his economic growth plan (42 pages / 1.35MB PDF).
UK climate change portfolio alignment rules to go ahead despite industry pressure
It comes after Department for Work and Pensions (DWP) published its response to a consultation on proposed regulations which confirmed that it did not intend to change the scope or timing of the reforms. The DWP insisted the measures had to be implemented “without delay” and called on the industry to acknowledge the “urgency of the threat climate change presents”. A number of consultation respondents had called for more time to make the necessary changes.
How COP26 will change the world of finance
Mobilising finance to developing countries In 2009, global leaders of developed economies agreed to provide $100 billion a year to help fund climate change mitigation and adaptation initiatives in developing countries by 2020. That commitment has not been met, and the Glasgow Climate Pact acknowledged that this was a matter of “deep regret”.
UK to require pension trustees to report on climate change commitments
The UK’s Department for Work and Pensions (DWP) has confirmed it is bringing forward draft regulation to require pension scheme trustees to measure and report on their investment portfolios’ alignment with the Paris Agreement on climate change. DWP has launched a . The consultation also seeks views on draft guidance on the Statement of Investment Principles (SIP) and the Implementation Statement, with a particular emphasis on stewardship.
Pension trustees to face increasing scrutiny on climate change
Pension trustees will find themselves coming under increasing pressure to take proper account of climate change as the new governance and reporting regime takes effect later this year, an expert has warned. Carolyn Saunders of Pinsent Masons, the law firm behind Out-Law, was commenting as the Met Office warned that the UK is experiencing the effects of climate change more rapidly than previously thought.
Client Earth report 'wake-up call' to pension trustees
Pension trustees should expect to become subject to the same high levels of scrutiny as UK listed companies in relation to climate-related disclosure requirements. A report produced by environmental legal group ClientEarth (70 page / 5.4MB PDF) showed that the vast majority of UK listed companies are failing to meet disclosure requirements on how climate change will affect their business as scrutiny grows in this area.
UK Pensions Regulator sets out planned approach to prosecuting new criminal offences
The UK’s Pensions Regulator (TPR) plans to adopt a similar approach to prosecuting new criminal offences as it takes to seeking contribution notices, under changes introduced by the Pension Schemes Act 2021. TPR has published a draft policy and associated consultation document (12 page / 282KB PDF) outlining how it will use the new powers to investigate and prosecute those who avoid employer debts to pension schemes or put savers’ pensions at risk.
Pension Schemes Bill: proposed criminal sanctions worry for trustees
The offence comes with a defence of "reasonable excuse", but what amounts to a reasonable excuse is open to interpretation by the courts. In a criminal case, it would ultimately be for a jury - without specialist pensions knowledge - to decide whether a person had a reasonable excuse. Another difficulty is that this wide wording would potentially catch many legitimate actions commonly undertaken by trustees.
Monitoring employer pension scheme support
The Pensions Regulator expects trustees to monitor the covenant on a regular basis. They need to consider how often to do so. Working within the employer's existing financial reporting obligations will save cost and time, but additional reporting may be required on certain events, such as a business sale. It is good practice for trustees to treat covenant review, however informal, as a standing trustee agenda item.
Appeal court restores public sector pensions investment guidance
Its judgment overturns that of the High Court, which found last year that the relevant parts of the guidance did not have a "pensions purpose". The Court of Appeal said that the judge's analysis of the 'purpose' of the guidance had been "unduly narrow", and that the secretary of state had been "entitled … to take into account wider considerations of public interest" when drawing up the guidance.
BREXIT: The impact on pension schemes for employers and trustees
This is part of Out-Law's series of news and insights from Pinsent Masons experts on the impact of the UK's EU referendum. Watch our video on the issues facing businesses, and sign up to receive our 'What next?' checklist.
BREXIT: Post-Brexit pensions regulation would require balancing of business burdens and consumer protections, says expert
This is part of Out-Law's series of news and insights from Pinsent Masons lawyers and other experts on the impact of the UK's EU referendum. Sign up to receive our Brexit updates by email.
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