The Pensions Industry Stakeholder Forum was established to help HMRC better manage its relationship with stakeholders and representative bodies. It has no connection with stakeholder pensions. The forum focuses on operational (rather than policy) issues and is the main route of engagement between HMRC and representative bodies.

An academic think tank attached to Cass Business School.

The government has published the final report of the Pensions Investment Review outlining its plans to double the number of pension megafunds by 2030 by consolidating multi‐employer defined contribution (DC) schemes and Local Government Pension Scheme (LGPS) pools to manage at least £25bn in assets. Inspired by models in Australia and Canada, this strategy aims to unlock over £50bn for investment in infrastructure, housing, and high‐growth businesses while addressing the decline in domestic pension investments and providing an estimated £6,000 boost to an average earner’s pension pot through reduced fees and improved investment strategies. In addition, three consultation responses have been published alongside the final report, addressing the transformation of the DC pensions market, the facilitation of surplus sharing in well‐funded defined benefit (DB) schemes, and the reform of the LGPS. The planned consolidation of the £392bn LGPS assets from 86 administering authorities into six larger pools is anticipated to save around £1bn annually and enable local investment targets totalling £27.5bn. The forthcoming Pension Schemes Bill will also enable bulk transfers into higher-performing funds while protecting savers' interests, thereby supporting a framework intended to improve both domestic investment and pension outcomes. Additionally, the exploration of a government consolidator for schemes that are unable to secure alternative commercial solutions forms part of the response to the Options for DB schemes consultation.

An independent body established in 1986 offering a variety of services to pension fund investors including monitoring compliance by companies with corporate governance guidelines and voting advice.

ARCHIVED: This archived Practice Note sets out links to relevant News Analysis on Brexit published by the Pensions team and available in the Brexit collection. It is not maintained and is for background information only. Pensions Brexit News Analysis Date News Analysis Brief description of News Analysis 14 July 2020 An attractive regime for governing jurisdiction post-Brexit The UK recently requested to join the Lugano Convention 2007 (Lugano Convention), which is the UK’s preferred regime for governing questions of jurisdiction and the enforcement of judgments with EU countries post-Brexit. These rules will be critically important for all parties when they consider which jurisdiction clauses to include in their contracts. Oliver Browne, Sebastian Seelmann-Eggebert and Thomas Watret, partners and associate at Latham & Watkins LLP explain what the Lugano Convention is, provide an update on recent developments in the accession process, and highlight some important differences between the Lugano Convention and the current regime. 13 July 2020 Retained EU law and lower courts—government consultation On 2 July 2020, the Ministry of Justice published a consultation

Independent person appointed under the Pension Schemes Act 1993, s 145 to investigate complaints and disputes from scheme members. They also investigate complaints and disputes between trustees of schemes and employers and between trustees of the same or different schemes.

The Pensions Ombudsman has acknowledged an ongoing dispute involving the trustees of the Boots Pension Scheme and certain scheme members regarding the removal of an option to retire at age 60 on an unreduced pension. The regulator has confirmed that discussions are underway with the relevant parties and that it is adopting a lead case approach to address the high volume of similar complaints arising from this issue. This approach is intended to expedite the progression to a final determination, thereby providing prompt clarity and minimising the impact of numerous individual complaints on the overall complaint resolution process. The Ombudsman has also advised that no additional complaints relating to the removal of this retirement option will be accepted during the investigation period, while separate complaints concerning other issues can continue to be raised through the established internal dispute resolution process.

Pensions analysis: The Pensions Ombudsman has upheld a complaint about inaccurate records. Martin Scott of gunnercooke LLP looks at the decision.

The entries in this tracker are organised by topic, alphabetically. These topics are listed in the Table of Contents (to the left of the page). WARNING: The Pensions Ombudsman’s determinations are useful as guidance, but the decisions are not binding precedents, whether on the same Pensions ombudsman or his or her successor. Decisions of the court are binding on the Pension Ombudsman, unless they can be distinguished in the factual situation he faces. For some key themes from recent Pensions Ombudsman determinations, see Practice Note: The Pensions Ombudsman—key themes from the determinations. Abatement PO Reference Parties Subject PO News report Mr E [PO-25374]5 November 2021 Complainant: Mr ERespondent: Warwickshire Fire and Rescue ServiceScheme: Firefighters’ Pension Scheme 1992 The Pensions Ombudsman upheld a complaint that a public sector pension scheme wrongly applied an abatement rule on a member’s re-employment.Outcome: Partly upheld Pension scheme did not follow reasonable process when applying abatement rule on member’s re-employment (Mr E PO-25374) Mrs N [PO-18629]14 December 2018 Complainant: Mrs NRespondents: (1) NHS Lanarkshire; (2) Scottish Public

Pensions analysis: Mr Tenconi appealed successfully against the Pensions Ombudsman’s determination that although the James Hay Partnership had caused ‘undue and avoidable’ delay in the transfer of his funds from one pension provider to another and the delay constituted maladministration, he could not recover compensation for the financial loss suffered when he lost an investment opportunity. Elizabeth Ovey, barrister, at Radcliffe Chambers, looks at how the relevant principles are to be applied in such a case.

Pensions analysis: The Pensions Ombudsman (PO) has upheld a complaint brought by Dalriada Trustees Ltd (Dalriada) and others of multiple instances of breach of trust and maladministration against Ecroignard Trustees Ltd (Ecroignard) and a Mr Shroff, a former director of that company. Ecroignard has been wound up—although its ultimate dissolution has been suspended until 2028. Written by Paul Carney, a partner at Shoosmiths LLP.

Law360: The Pensions Ombudsman (TPO) has told MPs that it is currently investigating 425 possible retirement scams, including six that are similar in scope to the Norton Motorcycle scandal.