Half of 2023 is gone… how did that happen!?
Perhaps this writer is just getting old, but the pace of the passage of time is truly terrifying. Which, I suppose, is one of the main reasons for our Quarterly Update.
One can sometimes look at the key events on the horizon for pension schemes and simply feel they are far away and nothing to worry right now. After all, working in pensions, a long time horizon is our bread and butter.
“The regulations change in April 2024? Sure that’s ages away! We have an actuarial valuation to sign off this week, our investment manager selection is in a few weeks and there is a trustee meeting at the end of August… I don’t have time to worry about April 2024!”
All perfectly natural reactions, but with how time passes in this modern world, it is amazing how quickly April 2024 can be upon us.
So, we present our Quarterly Report to serve as a reminder to take a beat, move your focus (temporarily) from the urgent, should-have-been-done-yesterday tasks on your to-do list, and consider what needs to be put in place to deal with tomorrow’s onrushing issues.
Alongside our traditional ever-present articles providing investment market and DC updates, there are discussions of two other topics that are becoming ever-presents for the Quarterly Report – namely, the pensions dashboard and a lament to TPR’s elusive General Code!
This quarter we also have articles delving into guidance and updates from a rundown of the Mansion House speech, guidance on ED&I, a reaction to the court ruling between Virgin Media vs NTL Trustees and the recent Capita security breach. An article outlining the recent changes to transfer value regulations is included, as well as useful discussions on risk transfer and the publication of TPR’s annual funding statement. Then closing the report, we have our other ever-present article, ‘Coming Up Next’, which looks even further into the future to identify those dates that may appear distant now but will be soon right at the top of our agendas.
As always, from everyone at Spence, we hope you enjoy reading the report.