New rules for occupational pension schemes
The government has brought in new legislation which places additional duties on to occupational pension scheme managers & trustees.
The Occupational Pension Schemes (Administration, Investment, Charges and Governance) (Amendment) Regulations 2021 require a report on the ‘return on investment’ the funds have achieved to be submitted as part of the annual statement on governance.
Trustees and managers of schemes with assets under £100 million will also have to find three comparator schemes, evaluating differences in:
- Charges
- Transaction costs
- Return on investment
There is also an obligation to determine the extent in which their schemes satisfy the administration and governance criteria, the full list is available (and other regulatory changes) on the Legislation.gov.uk page: The Occupational Pension Schemes (Administration, Investment, Charges and Governance) (Amendment) Regulations 2021 (legislation.gov.uk).