“When the winds of change blow, some people build walls, others build windmills.”
The last two years have seen immeasurable, unfathomable changes in our lives – both from a personal perspective and at work. The pandemic required profound changes for us all. The building of walls was both necessary and inevitable. Whether it be physical barriers, like pressing our palms against the glass of a care-home window shielding a loved one, or virtual barriers, like the webcams on the laptops likely sitting in front of you now, we were largely left with no choice but to succumb to walls around us. The pandemic storm was altogether too fierce to allow us to build the windmills that the old Chinese proverb urges.
Yet there is a whispered sense now that 2022 will bring more welcome changes. As that storm seems to be waning, a zephyr of change is blowing (and steadily building) from another direction. It promises to bring an all-the-more manageable degree of change, which we can harness and take advantage of going forward, to the benefit of all pension scheme members.
So, this quarterly update serves to tie off the year that was 2021 and forecasts to the changes coming in 2022. Changes not driven by an all-consuming pandemic but rather a sense of improving governance across our pension landscape, and regaining some lost ground.
Our report looks to the various regulation changes coming into play in 2022, such as Value for Money assessments, the new single code of practice from TPR, Own Risk Assessments, greater alignment with TCFD requirements, and progression towards pension dashboards. The report also provides an (now almost ever-present!) update on ESG issues, which will continue to dominate the climate in the coming years – never mind building metaphorical windmills, our pension scheme funds might go towards building actual windmills!
From everyone at Spence, we hope you continue to stay safe and enjoy the read.
Click on the image to the right or click here to view the report.
