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UK Carbon Border Adjustment Mechanism: how will it work?
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
United Kingdom | Publication | April 2024
All occupational schemes, along with personal pension providers, must connect to pensions dashboards by October 31, 2026, at the latest. The DWP has now published guidance setting out a staged timetable, starting with the largest schemes. This phased connection aims to smooth the process of connecting the approximately 3,000 pension schemes and providers in scope by the 2026 connection deadline.
The revised connection timetable runs from April 30, 2025, to October 31, 2026. Key connection dates:
The timetable is not mandatory, but the DWP is encouraging trustees and pension scheme providers to follow the dates in its guidance unless there are exceptional circumstances preventing them from doing so. The guidance includes a checklist for schemes to use in their countdown to connection.
The Pensions Dashboards Programme published a blog on April 9, 2024, which includes links to the DWP guidance, the FCA rules covering stakeholder and personal pensions and the relevant regulations.
In addition, the DWP has published some Financial Reporting Council guidance to assist with turning the value of accrued DC pots into equivalent annual incomes on dashboards. This should help DC savers in understanding how their DC pot will translate into actual income on retirement.Publication
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
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Last November the Financial Conduct Authority (FCA) published Policy Statement 23/16 (PS23/16) containing final rules and guidance on sustainability disclosure requirements (SDR) and investment labels (UK SDR regime).
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International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
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