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As Head of Policy at CFG, Richard leads on policy issues with a focus on tax, banking and the wider economy. He joined CFG in 2018, having previously worked in the policy team at a membership organisation in the private sector. Prior to this, Richard was a senior policy officer at a Westminster think tank. He began his working life in the charity sector in the parliamentary team of an environmental NGO.
21 September 2022, 14:50
CFG and LCP need your help to understand the impact of draft pensions regulations. Richard Sagar, Head of Policy, CFG explains.
The Department for Work and Pensions (DWP) has launched its long-awaited consultation on draft new Defined Benefit pension funding and investment regulations. The regulations set out how pension schemes must be funded in the future.
Together with pensions advisors at LCP, CFG has been examining the potential implications of the draft regulations. Our concerns are that current flexibilities may reduce and that some charities may need to increase the funding to their pension schemes at a time when finances are already stretched.
We have set out the background to the regulations below and more detail is included in LCP’s News Alert.
We would like to gather information about your pension scheme to see whether you are likely to be affected in the near term. Please complete this short questionnaire. It will take less than two minutes to fill out and will provide us with the information we need to respond to the DWP consultation, which closes in mid-October.
We want to ensure the charity sector’s voice is heard on this important issue.
To help you understand more about the draft regulations, we are holding a roundtable session with LCP on 7th October at 12:00-13:00. If you would like to attend please sign up here.
The new regulations will be fundamental for DB pension scheme funding and investment in the future. They amend and extend the current DB scheme funding regulations, providing the necessary legislative backing to enable the Pensions Regulator (TPR) to deliver its new approach to the regulation of scheme funding.
More detail of TPR’s approach will be set out in their new funding Code of Practice – the second consultation on which is likely to follow the consultation on these draft regulations.
Some immediate points from the draft regulations are as follows:
For further information about the draft regulations, email Richard Soldan or Edward Symes at LCP. For more information on CFG policy, please email Richard Sagar, Head of Policy.
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