Welcome to the Pensions podcast and video series, 'CMS Pensions LawCast'
Hosted by CMS Pensions experts, this series looks ahead to the key issues developing in the pensions sector, with a specific focus on what you need to know, and practically, what you need to do.
Subscribe, download and listen to the CMS ‘Pensions LawCast’ podcasts here.
_________________________________________________________________________________________________________________________________________________
Video and Podcast
Episode #47 – DB Funding Code
In this episode, Mark Atkinson and Simon Evans look at the Pensions Regulator’s draft Funding Code
In particular, Mark and Simon will look at:
- Areas of the code relating to the regulations
- The differences that this code envisages for covenant advisors
- How some of the Regulator’s intended purposes may impact the substance of how valuations conclude
- How the Regulator may act in the future
Episode #46 – Residual Risks Transaction
In this episode Maria Rodia and Amanda Chamming’s discuss what is meant by a residual risk and what options are available to trustees when considering a residual risk transaction
In particular, Maria and Amanda look at:
- What is a residual risk
- The traditional due diligence approach
- Vendor due diligence report
- Insurer collective report
- Other key aspects to consider in a residual risk transaction
Episode #45 – What's on the Pensions agenda for 2023?
In this episode, Kate Richards, Gerard Cole and Megan Murphy, provide an update on the year ahead across the pensions industry that will define 2023.
In particular, the group looks at:
- DB Funding Code
- High Inflation
- Notifiable events and blogs
- Illiquid assets
- Exit Agreements
- ICO and international transfers
- Single Code of Practice; and
- Equality, Diversity and Inclusion (EDI).
CMS have published more information on Pensions Investment and Risk in their latest briefing available here.
Episode #44 – Pensions Dashboards taskforce - what's coming up in this area
In this episode Jennifer Bell, Chris Ransom and Katie Becher, provide an update on the Pensions Dashboards and what's coming up in this area, followed by a brief Q&A.
In particular, they look at:
- What are Pensions Dashboards?
- Connecting to Pensions Dashboards
- Matching the right person with the correct pension
- Information to provide to members
Get ready for Pensions Dashboards with our handy 'top tips' guide, download here.
CMS have published more information on Pensions Investment and Risk in their latest briefing available here.
Episode #43 – Case law update and practical implications
In this episode Laura Clarke, Kirsten Thompson and Wills Crump provide an update on three recent cases and its practical implications.
In particular, they look at:
- CMG Pension Trustees v CGI IT UK
- Folarin v Transport for London
- Beattie v 20/20 Trustee Services
Episode #42 – ESG and investing
In this episode Jae Fassam, Thibault Jeakings and Chris Ransom discuss ESG and investing.
In particular, they look at:
- A recap on the law as it stands
- An update from two recent cases
- A look across to some other jurisdictions to anticipate challenges to come
Episode #41 – GMP equalisation update
In this episode Pete Coyne and Kirsty Macdonald discuss GMP equalisation and where we are now.
In particular, they look at:
- Brief recap on GMP equality
- What do schemes have to work with?
- How are schemes responding – any clear trends?
- Dual records – common issues
- Conversion
- Transfers out
Video and Podcast
Episode #40 – Pension sharing on divorce
In this episode Jennifer Bell and Simon Evans are joined by Emma Nash, a family law Partner from Fletcher Day, to discuss issues that arise in connection with pension sharing on divorce.
In particular, they look at:
- Information that trustees can or should provide
- How to deal with a change in the underlying scheme benefits
- Communications and language
- Q&A with a family lawyer
Episode #39 – DC Schemes and Master Trusts and themes arising from recent consultations
In this episode Johanna Clarke and Mukudi Nkanza are joined by Shabna Islam from Hymans Robertson to provide an update on DC Schemes and Master Trusts and themes arising from recent consultations.
In particular, they look at:
- Delivering the Stronger Nudge to Pensions Guidance
- Open Consultations: Facilitating investment in illiquid assets
- Master Trusts and illiquid assets
Episode #38 – Update on recent Pensions Ombudsman cases
In this episode Emma Frost, Victoria Lee and Claire Bradwell provide an update on recent Pensions Ombudsman cases.
In particular, they look at:
- Overpayments
- Awards for Distress and Inconvenience
- Transfers and Scams
Episode #37 – Update on the derisking market
In this episode James Parker is joined by Myles Pink from Lane Clark & Peacock to provide an update on the derisking market.
In particular, they look at:
- Recap on the derisking market
- Themes and what to expect in the 2022 derisking market
Episode #36 – Update on the year ahead
In this episode Pete Coyne, Alex Tomlinson and Katherine Harnett provide an update on the year ahead.
In particular, they look at:
- Scheme governance
- Scheme structure
- Scheme funding & member benefits
Episode #35 – New transfer requirements
In this episode Maria Rodia, Alison Guy and Shakes Seebaluck discuss the new transfer requirements.
In particular, they look at:
- New transfer requirements – an overview
- Due diligence requirements for Trustees and their Administrators
- Next steps for the Trustees?
CMS have published more information on the new transfer requirements in our Trustee Transfer Guide here.
Episode #34 – Regulatory burden for small pension schemes
In this episode Jae Fassam and Katie Becher are joined by Jonathan Reynolds from Capital Cranfield to discuss the regulatory burden for small pension schemes.
In particular, they look at:
- Overview of regulatory burden facing small schemes
- Question and Answers with Jonathan Reynolds
Episode #33 – Pension Schemes Act 2021 – status update and revised clearance guidance
In this episode Johanna Clarke, Alexandra Tomlinson and Kirsten Thompson discuss the Pension Schemes Act 2021.
In particular, they look at:
- What’s in force from 1 October 2021?
- Further developments and expected timescales
- Revised clearance guidance
CMS have published more information on the Pension Schemes Act 2021 here.
Episode #32 - Equality, Diversity & Inclusion #2
In this episode Keith Webster and Hadassah Shulman are joined by Sarah Horan from ITS to discuss diversity and inclusion.
In particular, they look at:
- Trustee selection and approach
- Member communications
- Advisor roles and selection
CMS have published more information on equality, diversity and inclusion here.
Episode #31 - Pension Schemes Act 2021 - Information Sharing
In this episode Mark Grant, Mark Atkinson and Natalie Mee discuss information sharing and the Pension Schemes Act 2021.
In particular, they look at:
- new requirements to provide information
- what this means for trustees
- what this means for employers
CMS have published more information on the Pension Schemes Act 2021 here.
Episode #30 - Disputes resolution processes
In this episode Neil Smith and Tim Green discuss disputes resolution.
In particular, they look at:
- Mediation; and
- Arbitration
Episode #29 - Equality, Diversity and Inclusion
In this episode Laura Clarke and Hadassah Shulman discuss Equality, Diversity and Inclusion.
In particular, they look at:
- The case for E, D & I in pension schemes
- What does E, D & I mean?
- What should your scheme be thinking about?
- Next steps
CMS have published more information on equality, diversity and inclusion here.
Episode #28 – The TPR Single Code
In this episode Jae Fassam and Hadassah Shulman are joined by Louise Webb and Simon Lewis from Punter Southall Governance Services to discuss the TPR’s Single Code.
In particular, the group looks at:
- What is the Single Code?
- What is new in the Single Code?
- Thoughts and insight from the experts at PSGS
Punter Southall Governance Services have published more information on the single code here and information on diversity in pension communications here.
Episode #27 – GMP equalisation and bulk annuity transactions
In this episode Pete Coyne and India Trusselle are joined by Celia Monteiro from Legal & General to discuss GMP equalisation and bulk annuity transactions.
In particular, the group looks at:
- Introduction to GMP equalisation
- Choice of methodology
- Timing for approach to the market
- Residual risks cover
- Key takeaways
Episode #26 – Overpayments
In this episode Mark Jenkins, Amina Mahmood and Rebecca Carter are joined by Joanna Price from Willis Towers Watson to discuss Overpayments.
In particular, the group looks at:
- Legal position of overpayments
- Tax position of overpayments
- Defences to recovery of an overpayment
- Overpayments relating to transfer values
- The ‘insider’ view
Episode #25 – Death benefits
In this episode Alistair Hill, Chris Ransom and Doyin Olugbemiga discuss death benefits.
In particular, the group looks at:
- Basic principles of decision making
- Top five tips for Trustees in discretionary death cases:
- Identify all potential beneficiaries
- Make reasonable enquiries
- Properly manage potential beneficiaries’ expectations
- Consider the Pensions Ombudsman
- Keep adequate record of the decisions taken
Episode #24 – Pension Scams
In this episode Pete Coyne, Alexander Waters and Alexandra Bradley are joined by Mark Radley from Technology & Administration Solutions, Willis Towers Watson to discuss Pension Scams.
In particular, the group looks at:
- New legislative provisions in the Pension Schemes Act 2021
- Updated guidance from the Pension Scam Industry Group
- Signing up to the Pension Regulator’s Pledge
Episode #23 – Pension Schemes Act 2021
In this episode Kate Richards, Simon Evans and Heather Lucas provide an update on the Pension Schemes Act 2021.
In particular, the group looks at:
- Introduction to the new criminal offences
- Aim of prosecution
- Relationship with Contribution Notices and Material Detriment test
- Secondary liability
- Defences
- When to seek legal advice
Episode #22 – GMP equalisation
In this episode Maria Rodia, Kirsty Macdonald and Claire Miller provide an update on GMP equalisation.
In particular, the group looks at:
- Background to GMPs and the Lloyds judgments
- Methodologies for GMP equality
- Issues to consider when implementing GMP equality
- Past transfers out
Episode #21 – ESG #2
In this episode Jae Fassam, Sharon Piert and Alex Nicklin provide an update on ESG. This is the final episode in our ESG series.
In particular, the group looks at:
- Trustee duties and non-financial factors
- Risk of challenge
- PCRIG Guidance
- Stewardship
- Impact of ESG on employer covenant
Episode #20 – Collective DC
In this episode Keith Webster and Thibault Jeakings are joined by Chintan Gandhi from Aon to discuss Collective Defined Contribution.
In particular, the group looks at:
- What is collective DC?
- Potential issues
- Authorisation
- The road ahead
Episode #19 – ESG #1
In this episode Jae Fassam, Laura Houët and Tasmin Patel provide an update on ESG. This is the first episode in our ESG series.
In particular, the group looks at:
- What is ESG investing, and why does it matter?
- Recent developments
- Issues for trustees: DWP Consultation “Taking action on climate risk: improving governance and reporting by occupational pension schemes”
- Scope
- Penalties for non-compliance
- Proposals
- Issues for asset managers: Q&A session
- What else is in the pipeline?
Episode #18 – Master Trusts #3
In this episode Caroline Kurup and Chris Ransom provide an update on Master Trusts. This is the final episode in our Master Trust series.
In particular, the group looks at:
- Legal developments on the horizon
- How to address the small pots problem
- Changes to the general levy coming to master trusts
- Government response to the review of the default fund charge cap
- What is best practice for a DC master trust?
Episode #17 – Master Trusts #2
In this episode Jae Fassam and Tom Bates provide an update on Master Trusts. This is episode 2 in a 3 part series on Master Trusts.
In particular, the group looks at:
- Ongoing considerations for trustees of master trusts
- How trustee governance works in a master trust
- The opportunities for and risks with engagement with members
- Considerations relating to investment and the potential development of the default fund
Episode #16 – Update on the year ahead
In this episode Caroline Kurup, Johanna Clarke and Doyin Olugbemiga provide an update on the year ahead.
In particular, the group looks at:
- Pension Schemes Act
- Funding
- Consolidator Vehicles
- GMP Equalisation
- Investment and Governance
Episode #15 – The Pensions Ombudsman
In this episode Mark Jenkins, Laura Clarke and Tara Rogers discuss trends they are seeing coming out of the Pensions Ombudsman.
In particular, the group looks at:
- A shift in approach to resolving complaints through informal dispute resolution
- Key trends arising out of TPO determinations
- Pension scams.
Episode #14 – Defined Benefit Member Options and Liability Management
In this episode Pete Coyne, Laura McLaughlin and Thibault Jeakings are joined by Abigail Currie from Willis Towers Watson to discuss Defined Benefit Member Options and Liability Management.
In particular, the group looks at:
- Background and evolution in use of liability management exercises to increase member options
- Specific options available - PIE, transfer exercises and small lump sums
- What's happening in practice
- How to maximise success
Episode #13 – Master Trusts
In this episode Keith Webster, Katie Millard and Harriet Cleal discuss Master Trusts.
In particular, the group looks at:
- What is a Master Trust?
- Recent developments
- Transferring to a Master Trust
Episode #12 – Pensions Regulator Investigations
In this episode Jennifer Bell, Richard Gibson and Simon Evans discuss the investigatory powers of The Pensions Regulator.
In particular, the group looks at:
- Current powers
- Future developments
- Practical experience and tips
Episode #11 – Bulk Annuities
This is the final episode in a three-part series on pensions de-risking. In this episode Maria Rodia, Amanda Chamming's and Elaine He are joined by Uzma Nazir from the Pension Insurance Corporation to discuss Bulk Annuities.
In particular, the group looks at:
- Market updates
- Residual risks
- PPF v FSCS cover
- Fixed protection.
Episode #10 – DB Consolidators
This is the second episode in a three-part series on pensions de-risking. In this episode Caroline Kurup, Kate Richards and Amanda Chamming's discuss DB Consolidators.
In particular, the group looks at:
- Stakeholders
- TPR guidance for those setting up and running a DB superfund
- TPR guidance for trustees
- TPR guidance for employers.
Episode #9 – Longevity Swaps
In this episode James Parker is joined by Ian Aley from Willis Towers Watson and Amy Kessler from Prudential Financial, Inc. to discuss longevity swaps. In particular, the group looks at:
- What is longevity risk and what is a longevity swap?
- What determines if / when schemes undertake a longevity swap or buy-in?
- What is the legal structure of a longevity swap?
- Market activity and factors driving activity
- COVID-19 - Should trustees defer longevity swaps or other de-risking transactions.
Episode #8 – Litigation
In this episode Neil Smith, Tim Green and Neal Gibson are joined by Roxana Pierce from Robbins Geller Rudman & Dowd LLP to discuss pensions litigation. In particular, the group looks at:
- Types of pensions claims
- Part 7
- Part 8
- Litigation trends
- US perspective - class actions
Episode #7 – ESG
In our seventh episode Dominic Harris, Laura Houët and Thibault Jeakings discuss ESG aspects of pensions investment. In particular, the group looks at:
- Non-financial factors
- What's in the pipeline?
- Disclosure Regulation
Episode #6 – Corporate Insolvency & Governance Act
In our sixth episode Mark Jenkins, Glen Flannery and Katherine Sidders discuss the Corporate Insolvency & Governance Act. In particular, the group looks at:
- Moratorium
- Super-priority
- Restructuring plan
- Implications for DB Schemes
Episode #5 – Pension Schemes Bill
In our fifth episode Dominic Harris, Victoria Mance and Simon Evans discuss the Pension Schemes Bill. In particular, the group looks at:
- Criminal offences
- 'The paper trail' and protecting yourself
- Scheme funding and investment
Episode #4 – RPI reform
In our fourth episode Keith Webster, Alex Tomlinson and Kate Freeman discuss RPI reform. In particular, the group looks at:
- Recent cases and implications
- Consultation on proposed changes
- Impact of the reform and what trustees should consider
Episode #3 – Pension transfers
In our third episode Pete Coyne, Amanda Chamming's and Alex Nicklin discuss issues related to pension transfers from occupational pension schemes. In particular we look at:
- The impact of Covid-19
- Issues for DB and DC schemes
- Scams
Episode #2 – Governance and agile decision making
In our second episode Kate Richards, Emma Frost and Tasmin Patel discuss governance and agile decision making in current circumstances. In particular we look at:
- Trustee decision-making in lockdown
- Executing documents in lockdown
Episode #1 – Reducing Contributions
In our first episode Mark Grant, Johanna Clarke, Laura Clarke and Kayleigh Garforth discuss deferring contributions to DB and DC schemes. In particular we look at:
- What is ordinarily required?
- Deferring DB Contributions
- Deferring DC Contributions
.jpg)
