ARTICLE · 24 SEPTEMBER 2021

Pensions Autumn Update 2021

Arthur Cox

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Draft code of practice: On 22 July 2021 the Pensions Authority (the "Authority") published a draft code of practice for trustees of occupational pension schemes and trust Retirement Annuity Contracts ("RACs").

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Michael Shovlin

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IORPS II General Update

Draft code of practice: On 22 July 2021 the Pensions Authority (the "Authority") published a draft code of practice for trustees of occupational pension schemes and trust Retirement Annuity Contracts ("RACs"). The draft code of practice sets out the Authority's expectations for the conduct and practice of trustees of pension schemes. It is stated as not intending to "prescribe how to comply with every requirement under legislation" but is to provide further explanation of how to comply with specific requirements that have been introduced by the European Union (Occupational Pension Schemes) Regulations 2021 - the IORP II domestic implementing regulations. The Code was open for public consultation up to 16 September and the final Code is due to be published in the week commencing 15 November 2021.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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