We'd recommend prioritising these issues on your winter agenda:

  • The fight against transfer scams
  • The new pensions criminal offences
  • 7 January 2022 deadline for CMA reporting
Risk

The fight against transfer scams

  • Since 30 November 2021 trustees have had the power to decline a statutory transfer request if a two-condition test is failed.
  • The conditions contain a non-exhaustive list of red and amber flags including concerns such as cold calling, incentives to transfer, and regulated activities being carried out without regulatory approval.
  • Trustees need to be familiar with the two-condition test and the red and amber flags for all future transfer requests.
  • You can read more about this change here.
Tick to meet regulation

The new pensions criminal offences

  • Since 1 October 2021 it has been a criminal offence to:
    • avoid an employer debt;
    • undertake conduct risking accrued scheme benefits; and
    • fail to comply with a contribution notice.
  • We advise all parties involved in a defined benefit pension scheme to familiarise themselves with these new offences and their conditions.
  • You can find more detail here.
Store

7 January 2022 deadline for CMA reporting

  • By 7 January 2022 trustees are required to send a compliance statement to the Competition and Markets Authority (CMA) confirming the extent to which they have complied with the Investment Consultancy and Fiduciary Management Market Investigation Order 2019 (“Order”). Trustees need to confirm that they have: 
    • set strategic goals for their investment consultant since 10 December 2019; and
    • complied with the requirements of the Order and that they expect to continue to do so.
  •  The full Order can be accessed here

Date published

06 January 2022

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