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Annual reports published
United Kingdom | Publication | July 2022
Four pensions industry bodies have recently published their latest annual reports.
The Regulator has published its annual report and accounts for 2021/22. A number of consultations have been published and most of its key performance indicators (KPIs) have been met. Significant missed KPIs were the failure to complete the second phase of consultation on the revised DB funding code and a promised consultation on notifiable events requirements. In both cases, regulations are awaited from the DWP.
The Regulator continues to work with the Government on the legislative framework for superfunds, which are anticipated to be introduced in 2022-23.
The Pension Protection Fund has confirmed in its annual report that it has met the five strategic priorities set in 2019, including increasing its funding ratio to 137.9 per cent and its reserves to £11.7bn. It has stated it will now complete the review of its long-term funding strategy and consider reducing the levy, which is good news for schemes.
The Pensions Ombudsman’s latest annual report highlights an 8 per cent increase in closed complaints, against an 11.7 per cent increase in demand. It also notes that the launch of the new (pilot) Pensions Dishonesty Unit which aims to hold wrongdoers to account to repay members’ lost pensions savings.
NEST’s annual report focuses on the “stable, high-quality pension” that it provides to its 11.1m members. It notes an increase in funds held from £17.6bn to £24.4bn with 1.2m new members. On the investment side, 99 per cent of members remain in the default fund.
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