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International Restructuring Newswire
Welcome to the Q2 2025 edition of the Norton Rose Fulbright International Restructuring Newswire.
DC schemes: New regulations introduce illiquid investment disclosure requirements and exclude specified performance-based fees from charge cap
United Kingdom | Publication | April 2023
The Occupational Pension Schemes (Administration, Investment, Charges and Governance) and Pensions Dashboards (Amendment) Regulations 2023 were made on March 30, 2023, and came into force on April 6, 2023.
The new regulations add “specified performance-based fees” to the list of charges excluded from the 0.75 per cent DC charge cap.
They also require trustees of relevant DC schemes to disclose their policies on illiquid investments in their default statement of investment principles (SIP). These disclosures will have to be included by the first date on which the default SIP is revised after October 1, 2023, or October 1, 2024, at the latest.
Trustees will also be obliged to disclose and explain the percentage of assets in their default funds allocated to different asset classes in the annual Chair's statement covering the first scheme year ending after October 1, 2023.
The DWP has published guidance for DC trustees of affected schemes which is intended to assist in the calculation and format of asset allocation disclosures.
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