This is the Autumn update from our Pensions Group. The update
covers recent announcements from the Pensions Authority; the latest
developments regarding IORP II compliance; master trusts; and
recent Government announcements including the Finance Bill 2022,
auto-enrolment and reform of the State Pension.
Pensions Authority Updates
Pensions Authority Guidance in relation to Benefit
Statement projection assumptions
Under Regulation 33 of the European Union (Occupational Pension
Schemes) Regulations 2021 (the “IORP II
Regulations”), the trustees of a funded scheme must
provide active and deferred members with an annual Pension Benefit
Statement (“PBS”) which contains key
information prescribed in the IORP II Regulations in relation to
their pension benefits. For funded schemes this requirement
replaces the previous obligation under the “disclosure
regulations” to provide active members with an annual benefit
statement (“ABS”). Somewhat
confusingly the disclosure
