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CMS Pensions LawCast

March 2021

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.

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Video and Podcast

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

Video

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

Video

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

Video

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

Video

Podcast

Episode #20 - Collective DC 

Episode #19 - ESG #1

Episode #18 - Master Trusts #3

Episode #17 - Master Trusts #2

Episode #16 - Update on the year ahead

Episode #15 - The Pensions Obmudsman

Episode #14 - Defined Benefit Member Options and Liability Management

Episode #13 - Master Trusts

Episode #12 - Pensions Regulator Investigations

Episode #11 - Bulk Annuities

Episode #10 - DB Consolidators

Episode #9 - Longevity Swaps

Episode #8 - Litigation

Episode #7 - ESG

Episode #6 - Corporate Insolvency & Governance Act

Episode #5 - Pension Schemes Bill

Episode #4 - RPI reform

Episode #3 - Pension transfers

Episode #2 – Governance and agile decision making

Episode #1 – Reducing Contributions

Authors

Picture of Mark Grant
Mark Grant
Partner
London