Professional Pensions

Chair’s statement rules are too harsh

This week’s 104 Pensions Buzz respondents agreed that the regulations surrounding chair’s statements are too harsh.

They also answered questions on the pensions dashboard and the impact of Brexit on pension schemes.

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The Pensions Regulator

Schemes warned to comply with law on chair’s statements

Trustees must produce a chair’s statement which is compliant with the law, The Pensions Regulator (TPR) has warned after fines against two schemes were upheld in court. In separate cases, trustees failed to include the required information in their annual statement and were issued fines by TPR. Trustees appealed the decisions to the First-Tier Tribunal.

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The Pensions Regulator

Compliance and enforcement bulletin

Of the approximately 3,000 schemes offering
money purchase benefits that were required to declare compliance as
part of the 2016 scheme return, 85 failed to prepare a chair’s statement
and were subsequently fined.

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Useful Links

In Summary:
  • DC and DB schemes must be transparent about arrangements and include in SIP by 1st October 2020
  • DC and DB schemes must document investment strategy and engagement policy with investee companies in their SIP by 1st October 2020
  • DB schemes must publish their SIP online by 1 October 2020
  • By October 2021 DC and Db schemes must publish how they have implemented their engagement policy
Published by The Pensions Regulator on September 2018. This is a 16 page document that provides a number of checklists on completing and hosting your chair’s statement and SIP.

Published by The Pensions Regulator on March 2017 (Updated September 2019). This web page sets the trustees duties and setting up an appropriate governance structure for your scheme’s investments.

Published by The Pensions Regulator on July 2016 (Updated August 2019). This is one of six guides to support trustee boards in meeting the standards set out in our Code of practice 13: Governance and administration of occupational trust based schemes providing money purchase benefits (‘the DC code’).