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ARTICLE · 07 MARCH 2023

The Pensions Brief: December 2022

Mayer Brown
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The government has announced a package of reforms, known as the Edinburgh Reforms, to drive growth and competitiveness in the financial services sector.

United KingdomEmployment and HR
Giles Bywater
Giles Bywater
Katherine Carter
Katherine Carter
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Issues affecting all schemes

Edinburgh Reforms – pensions implications

The government has announced a package of reforms, known as the Edinburgh Reforms, to drive growth and competitiveness in the financial services sector. Among the announcements that may impact pension schemes are the following:

  • The regulations excluding certain performance fees from the scope of the DC default fund charge cap will be laid before Parliament in early 2023.
  • The pace of consolidation in DC schemes will be increased. In 2023, the government, alongside the Financial Conduct Authority and the Pensions Regulator, will consult on a new value for money framework which will set required metrics and standards in key areas such as investment performance, cost and charges and quality of service.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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