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UK pensions law update: DB funding regs re-laid, surplus extraction/PPF consolidator consultation, Stewardship Code review, Finance Act 2024 abolishing LTA, TPR restructure, fiduciary duties—29 February 2024

Published on: 29 February 2024

Published by a LexisNexis Pensions expert
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In this issue:

  • Funding, surplus and investment
  • Pensions taxation
  • The Pensions Regulator
  • Trustees, governance and administration
  • Daily and weekly news alerts
  • New content
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Funding, surplus and investment

Withdrawn and re-laid: draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024

The draft Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024 were first laid on 29 January 2024, then withdrawn and re-laid on 26 February 2024. The revisions in the re-laid draft (the 2024 Regulations) are intended to ensure sponsoring employers, trustees and scheme managers all have equivalent time to prepare for the added requirements linked to the new funding and investment strategy and the statement of strategy. These updates are set out in regulation 20 of the revised draft, which would amend the Occupational Pension Schemes (Scheme Funding) Regulations 2005, SI 2005/3377.

  • Reg 20(3)(d) of the 2024 Regulations inserts a new para (10) into SI 2005/3377, reg 7 (actuarial valuations and reports), clarifying that the Part 4 amendments to SI 2005/3377 concerning actuarial valuations and...

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