Auto-enrolment

FORTHCOMING DEVELOPMENT: The Pensions (Extension of Automatic Enrolment) (No. 2) Bill received Royal Assent on 18 September 2023 as the Pensions (Extension of Automatic Enrolment) Act 2023 (the Act) and was published on 19 September 2023. The Act had started life as a private Member’s Bill sponsored by Conservative MP Jonathan Gullis in order to amend provisions in the Pensions Act 2008 (PeA 2008) in order to give regulation-making powers to the Secretary of State for Work and Pensions to reduce the lower age limit at which otherwise eligible workers must be automatically enrolled and re-enrolled into a pension scheme by their employers, as well as removing the Lower Earnings Limit from the qualifying earnings band so that contributions are calculated from the first pound earned, and also to make regulations modifying the requirements of the annual review of the qualifying earnings band.

The Department for Work and Pensions (DWP) had previously announced its support for the proposals to expand pension saving to younger and low earners as it sought to fulfil the ambitions for the expansion of auto-enrolment as set out in the government’s

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DWP to evaluate pension scheme climate disclosure regime as part of government’s modernisation of climate disclosure and transition planning in UK financial markets

As part of its efforts to modernise the UK’s sustainability reporting framework, the government has introduced three consultations intended to “unlock billions in clean energy investment”. In doing so, the government is consulting on how to implement its manifesto commitment to mandate UK-regulated financial institutions (including banks, asset managers, pension funds and insurers),  as well as FTSE 100 companies,  to develop and implement credible transition plans that align with the 1.5C goal of the Paris Agreement. The government sees transition planning as a vital part of its commitment to secure the UK’s position as the green finance capital of the world. Notably, one consultation from the Department for Energy Security and Net Zero, seeks views on how the government should implement this commitment by ensuring an orderly transition aligned with global climate goals, aiming to enhance transparency to facilitate efficient capital allocation, enabling companies to seize opportunities from the global net zero transition, and bolstering the growth and international competitiveness of the UK’s financial services industry.  In particular, the consultation from the Department for Energy Security and Net Zero indicates that during 2025, the Department for Work and Pensions (DWP) will conduct a review of the Occupational Pension Schemes (Climate Change, Governance and Reporting) Regulations 2021, SI 2021/839, utilising evidence provided by the Pensions Regulator (TPR). The DWP regards this review as a logical starting point to assess the effects of the current climate disclosure regime (put in place following the recommendations from the Taskforce on Climate-Related Financial Disclosures (TCFD)) and to consider future steps for climate change reporting. In parallel with the TCFD review, the DWP has tasked TPR with evaluating the feasibility of transition plans within pension schemes. Accordingly, TPR is organising an industry working group, including key stakeholders and major occupational pension schemes, and is set to deliver its findings to the DWP later in 2025.

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