Issues affecting all schemes -

General Election – impact on pensions -

The General Election resulted in a landslide victory for the Labour Party. While no pensions-related announcements have been made since the election by the new government, its election manifesto included the following pensions-related pledges:

• Adoption of reforms to ensure that workplace pension schemes take advantage of consolidation and scale to deliver better returns for UK savers and greater productive investment in the UK economy.

• A review of the pensions landscape to consider what further steps are needed to improve pension outcomes and increase investment in UK markets.

• A requirement for UK-regulated financial institutions, including pension funds, and FTSE 100 companies to develop and implement credible transition plans that align with the 1.5°C goal of the Paris Agreement.

• A review of the surplus arrangements in the Mineworkers’ Pension Scheme and transfer of the Scheme’s Investment Reserve Fund back to the members.