Pension trustees' agenda: key legal issues January 2021


There are three key legal issues we recommend trustees consider over the coming months.

  • Environmental Social Governance and climate change issues
  • GMP equalisation - add transfers to your project plan
  • 2021 pension de-risking strategies
Environmental Social Governance

Environmental Social Governance and climate change issues

  • Pension Schemes Bill 2019 - 2021 - ESG - new climate change trustee governance duties
  • Proposal that trustees act and report on scheme exposure to effects of climate change
  • Review ESG default fund and other self-select ESG funds

Find out more about environmental social governance and climate change issues

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GMP equalisation project

  • Add past transfers to your GMP equalisation project
  • Revisit all transfers made on or after 17 May 1990
  • Remember - no time limit and individual member discharges are invalid
  • CETVs (Cash Equivalent Transfer Values) - top ups calculated as at original transfer plus interest at 1% over base
  • Make payment to receiving scheme

Find out more about GMP equalisation and transfers

2021 pension de-risking strategies

  • Consider transferring DC assets sub £100m to master trusts before 1 October 2021 regulatory changes. Find out more here.
  • Possible consolidation of underfunded DB schemes into superfunds. Find out more here.
  • Buy-ins and buy-outs - contact your TLT adviser

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