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A statement of investment principles prepared under the Pensions Act 1995, s 35 or under the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (SI 1998/1831), reg 9A, as amended.
It is a written statement that trustees are required to prepare and maintain setting out the principles governing decisions about investments in relation to an occupational pension scheme. Trustees are required to obtain advice from a suitably qualified person and must consult with the sponsoring employer.
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STOP PRESS: On 28 March 2024, the Pensions Regulator (TPR)’s new General Code of Practice came into force, through the Pensions Act 2004 (General Code of Practice) (Appointed Day, Amendment and Revocations) Order 2024, SI 2024/431. The General Code merges and updates ten of TPR’s existing codes of practice into a single code made of ‘51 shorter, topic-based modules’. TPR say this new format will make it easier for governing bodies to find TPR’s expectations and certify whether they meet them. The ten codes of practice affected are those relating to reporting breaches of the law, early leavers, late payment of contributions, trustee knowledge and understanding, MNTs/MNDs, internal controls, dispute resolution—reasonable periods, DC governance and public sector governance.Among other things, the General Code of Practice includes a module on trustee remuneration and sets out TPR's expectations on administration and maintaining an effective system of governance (ESOG), as required by the Occupational Pension Schemes (Governance) (Amendment) Regulations 2018, SI 2018/1103 (which implement IORP II). Scheme governing bodies will be expected to...
STOP PRESS 1: On 28 March 2024, the Pensions Regulator (TPR)’s new General Code of Practice came into force, through the Pensions Act 2004 (General Code of Practice) (Appointed Day, Amendment and Revocations) Order 2024, SI 2024/431. The General Code merges and updates ten of TPR’s existing codes of practice into a single code made of ‘51 shorter, topic-based modules’. TPR say this new format will make it easier for governing bodies to find TPR’s expectations and certify whether they meet them. The ten codes of practice affected are those relating to reporting breaches of the law, early leavers, late payment of contributions, trustee knowledge and understanding, MNTs/MNDs, internal controls, dispute resolution—reasonable periods, DC governance and public sector governance.Among other things, the General Code of Practice includes a module on trustee remuneration and sets out TPR's expectations on administration and maintaining an effective system of governance (ESOG), as required by the Occupational Pension Schemes (Governance) (Amendment) Regulations 2018, SI 2018/1103 (which implement IORP II). Scheme governing bodies will be expected...
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Legal due diligence questionnaire—private M&A—share purchase Dated [insert date] Introduction This legal due diligence questionnaire relates to the proposed purchase by [insert buyer name] (the Buyer) of the entire issued share capital of [insert name of target company] Limited incorporated in England and Wales under number [insert company number] (the Company) from [insert seller name] (the Seller) (the Proposed Acquisition). This questionnaire is designed to enable the Buyer, the Buyer's solicitors and other professional advisers involved in the Proposed Acquisition to obtain the information which the Buyer requires to assist in its valuation of the Company. Please answer every question fully. Please provide your answers in italics underneath each question and provide copies of all relevant documentation, ensuring that all answers and documents are clearly marked by reference to the appropriate paragraph of this questionnaire. We reserve the right to raise further enquiries in respect of both your responses to this questionnaire and generally. Definitions Business • means the business of [insert...
Statement of investment principles (SIP) for defined benefit (DB) pension scheme THE [insert name of pension scheme] PENSION SCHEME This statement of investment principles is effective from [insert date]. 1 Statement of investment principles 1.1 Purpose of statement This statement sets out the principles governing the decisions about the investment of the assets of the [insert name] Pension Scheme (the Scheme). This statement is issued by the Trustees of the [insert name] Pension Scheme (the Trustees) to comply with the Pensions Act 1995, s 35. 1.2 Review The statement will be reviewed annually. A special review may be undertaken at any time if the Trustees think that there has been a significant change in investment policy or any other circumstances affecting the Scheme. 1.3 Advice The Trustees have obtained and considered written advice on the content of this statement in a letter from [insert name of investment consultant or actuary]. [insert name] have confirmed to the Trustees that they are qualified by their ability in a...
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Can a scheme member request that the trustees divest from fossil fuel investments? Since 1 October 2019, trustees of occupational pension schemes are required to state in their statement of investment principles their policy on the extent (if at all) to which they take account of members’ views, including (but not limited to) their ethical views and their views in relation to social and environmental impact and present and future quality of life (see Occupational Pension Schemes (Investment) Regulations 2005 (OPS(I)R 2005), SI 2005/3378, reg 2(3)(b)(vii)). Significantly, members’ views count as ‘non-financial matters’ and trustees do not have to take account of such matters. In fact, it may not be appropriate for trustees to take account of non-financial matters. In broad terms, this may only be appropriate if: (i) the trustees have good reason to think that scheme members share the trustees’ view, and (ii) there is no risk of significant financial detriment to the fund. Trustees do not have to ask questions of their members if...
Does a scheme's exoneration and indemnity clauses protect trustees of an occupational pension scheme from personal liability? A scheme's exoneration and indemnity clauses will protect trustees from personal liability but that protection will not apply in all circumstances. Exoneration clauses An exoneration clause, if effective, will mean that a trustee is not personally liable for acts or omissions which are covered by the clause. However, the exoneration clause is unlikely to apply in cases of fraud, dishonesty or deliberate breach of trust and may also exclude liability for gross negligence. In the case of professional trustees who are paid for their services, the exoneration clause may not cover any liability for negligence. In addition, trustees cannot be exonerated for civil penalties or fines for breach of legislation, and the exoneration clause will not protect them from third-party claims, ie claims from persons who are not a party to the trust (eg the scheme administrator or actuary). The court will construe an exoneration clause strictly, and the burden...
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Law360: Too many retirement savings plans attain only minimum compliance with environmental, social and governance (ESG) standards, The Pensions Regulator (TPR) has said, and urged them to improve their approach.
This week's edition of Pensions weekly highlights includes a review of key news stories, as well as dates for your diary and trackers.
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