The One Brief is Aon's weekly guide to the most important issues affecting business, the economy and people's lives in the world today.
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The latest thinking from Aon’s UK Retirement and Investment teams.
Our quarterly summary of pensions issues covers pensions tax changes, the Pensions Regulator’s focus on climate change and ESG, the government’s plans for DC schemes, and a round-up of other news.
To help with planning, our On the Horizon summary provides a reminder of some of the key legislative and regulatory developments expected over the coming year.
The Pensions Regulator’s 2023 annual funding statement is significantly revised from previous years, reflecting the improved funding levels of many schemes. It also confirms that the revised DB funding code is now expected to come into force in April 2024.
The Chancellor has published the Spring Budget 2023, including the abolishment of the Lifetime Allowance and significant increases to the amounts individuals can save for pensions without being subject to additional charges.
The DWP is consulting on the principles for expanding the existing Collective Defined Contribution (CDC) regulations, covering single-employer schemes, to allow wider forms of CDC schemes to exist. This includes multi-employer / industry-wide schemes and commercial master trusts offering CDC solutions for both the accumulation and/or decumulation of pension benefits.
The government has announced a package of measures for defined contribution (DC) pension schemes. This includes regulations that introduce changes to the DC charge cap and new disclose and explain provisions in relation to illiquid assets, a joint consultation on proposals for a common value for money framework; and a call for evidence on small pots.
A common theme arising in our survey this year is the greater emphasis being placed on pension outcomes. Download the survey to find out more.
For many, the COVID-19 pandemic has been a time of introspection and a catalyst for change. A range of themes have crystallised, emerging as both challenges and opportunities to be addressed — from climate change and biodiversity loss, to cybersecurity, to socioeconomic and racial inequality.
UK survey findings
The DB pension risk management journey
Our 2021/22 findings shine a spotlight both on the short-term impact of the COVID-19 pandemic for pension schemes’ risk priorities, and more crucially on long term trends for schemes.
Pension Clicks is Aon’s monthly retirement e-newsletter, rounding up recent pensions news and publications.
Aon’s bi-monthly pan-EMEA HR newsletter, with news and insight of interest to human resources professionals.
The threats that cyber incidents pose to pension schemes have gone from unrecognised to unmissable in just a few years. We highlight the extent of cyber controls and governance that trustees have in place.
Our guide is designed to improve understanding of Diversity and Inclusion (D&I) in pension schemes, both for trustees and for members, and to provide practical examples of how trustees might achieve their D&I goals.