We have identified a more suitable language of this document. To change language to please click here or close
We have identified a more suitable language of this document. To change language to please click here or close
For storing your preferred CMS location, analysing referrals from LinkedIn and embedding third party content we need your consent (which you can withdraw any time).
This website uses cookies so that we can provide you with the best user experience possible. Our Cookie Notice is part of our Privacy Notice and explains in detail how and why we use cookies. To take full advantage of our website, we recommend that you click on “Accept All”. You can change these settings at any time via the button “Update Cookie Preferences” in our Cookie Notice.
Technical cookies (required)
Technical cookies are required for the site to function properly, to be legally compliant and secure. Session cookies only last for the duration of your visit and are deleted from your device when you close your internet browser. Persistent cookies, however, remain and continue functioning on repeat visits.
Analytics
CMS does not use any cookie based Analytics or tracking on our websites; see details here.
Personalisation cookies
Personalisation cookies collect information about your website browsing habits and offer you a personalised user experience based on past visits, your location or browser settings. They also allow you to log in to personalised areas and to access third party tools that may be embedded in our website. Some functionality will not work if you don’t accept these cookies.
Social media cookies
Social Media cookies collect information about you sharing information from our website via social media tools, or analytics to understand your browsing between social media tools or our Social Media campaigns and our own websites. We do this to optimise the mix of channels to provide you with our content. Details concerning the tools in use are in our Privacy Notice.
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.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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.
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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.
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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.
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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.
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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.
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
Episode #30 - Disputes resolution processes
In this episode Neil Smith and Tim Green discuss disputes resolution.
In particular, they look at:
Mediation; and
Arbitration
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
Episode #29 - Equality, Diversity and Inclusion
In this episode Laura Clarke and Hadassah Shulman discuss Equality, Diversity and Inclusion.
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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.
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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:
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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?
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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?
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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.
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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.
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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.
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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.
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
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
If you want to use third party tools, please enable personalisation cookies as part of your cookie preferences. You can change this setting at any time via the button below or in our Cookie Notice.
Social Media cookies collect information about you sharing information from our website via social media tools, or analytics to understand your browsing between social media tools or our Social Media campaigns and our own websites. We do this to optimise the mix of channels to provide you with our content. Details concerning the tools in use are in our Privacy Notice.