This is the Summer update from our Pensions Group. The update
covers recent announcements from the Pensions Authority on IORP II,
master trusts and one member arrangements; amendments to the
Disclosure Regulations; the implications of EU sanctions on Russia;
and the latest overview of complaints from the FSPO.
Pensions Authority Information Update
The Pensions Authority released an update in May providing
information on a number of topics including pension benefit
statements, annual compliance statements and the EIOPA stress
testing exercise. Points to note were:
Pension Benefit Statements
The Authority has outlined that a pension benefit statement
(“PBS”) will not be required to be
prepared with an effective date earlier than 1 January 2023 as long
as trustees or registered administrators continue to provide annual
benefit statements or statements of reasonable projection to active
members. The Authority has just published guidance on the
calculation
