July 2023
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This conference examined the future of pension regulation and governance in the UK.
It provided a timely opportunity to examine key issues and developments in fund governance and management, what is needed from employers, managers and trustees to prepare for and comply with proposed requirements on long-term funding plans, as well as the priorities for balancing risk, liquidity and returns in investment strategies.
The conference took place in light of:
- reforms to Lifetime, Annual and Money Charge Allowances in the Spring Budget
- the regulatory update from The Pensions Regulator on priorities and work streams, including:
- updating the stewardship regulatory framework and assessing the stewardship code in 2023
- implementation of the FCA consumer duty
- working with DWP to develop a framework for assessing value for money
- developing the regulatory framework for investment in less liquid assets
- the September 2022 gilt market operation from the Bank of England, with an ongoing inquiry into the market instability from the Work and Pensions Committee
- ongoing TPR consultation on the DB funding code, with DWP consulting on assessing and disclosing value for money
We are pleased to have been able to include keynote sessions with Sarah Breeden, Executive Director, Financial Stability Strategy and Risk, Bank of England; Fred Berry, Senior Adviser, The Pensions Regulator; Natalie Winterfrost, Director, Law Debenture; Rob Yuille, Assistant Director, Head of Long-Term Savings Policy, Association of British Insurers; and Joe Dabrowski, Deputy Director, Policy, Pensions & Lifetime Savings Association.
Delegates considered emerging opportunities and challenges in fund investment, including the incorporation of social factors into investment principles and the drive for greater pension investment in start-ups, scale-ups and venture capital.
Further sessions assessed the implementation of the Consumer Duty, looking at service design, accessibility and delivering value for money, and what is needed from structures, policies and processes to promote positive consumer outcomes.
Overall, the agenda included discussion on:
- next steps for policy: managing risk and building stability in UK pension markets - expanding investment opportunities - coordinating with wider policy objectives
- regulation: developing the regulatory framework on pensions risk and resilience - promoting value for money and effective stewardship
- building resilience in individual schemes: governance arrangements and oversight - developing the relationship between fund managers and trustees - protecting against future shocks
- investment strategies: aligning with scheme principles and purpose - integrating material ESG issues - meeting new requirements for low dependency - balancing liquidity, long-term value and resilience
- social factors: embedding social risk factors into investment strategies - considering standalone policies and SIPs - developing data and methodologies to analyse social risk and opportunities
- consumer outcomes: supporting positive experiences in pension services and operations - improving financial capability - equipping customers to make informed decisions
- pension products and services: implementing the Consumer Duty - developing tools and metrics to effectively assess value for money in pension services - considering service innovation and design
The conference was an opportunity for stakeholders to consider the issues alongside key policy officials who attended from the DBT; DWP; HMRC; HM Treasury; The Scottish Government; and the Welsh Government.
