Pension trustees will need to take action before 1 October 2019 in order to be compliant with new requirements coming into force from that date. These requirements include changes to a scheme’s Statement of Investment Principles (SIP), the introduction of an implementation report and a requirement to publish both the scheme’s SIP and implementation report online in a publicly available format. The requirements apply to defined benefit, defined contribution and hybrid schemes although the contents of the implementation report will vary depending on the type of pension scheme. Some of the deadlines for compliance will also differ depending on the type of pension scheme.
In Part 1, we look at the new requirements and set out the deadlines for compliance. In the forthcoming Part 2, we will set out some recommended actions for pension trustees.