Our key date planner sets out the key dates for developments in pensions in 2022.
|JANUARY TO MARCH |
|APRIL TO JUNE |
|1 January 2022 – new pensions revaluation order applies for deferred members of final salary schemes who reach Normal Pension Age in 2022.|
7 January 2022 – deadline for trustees to confirm compliance with the CMA’s order on investment consultancy / fiduciary management.
Early Q1 2022 – TPR issues final versions of its criminal sanctions and enforcement policies.
Spring 2022 – TPR lays its single code of practice before Parliament
Spring 2022 – DWP issues consultation on draft regulations on defined benefit scheme funding.
2 February 2022 – deadline for submissions to the House of Commons’ Work and Pensions Committee’s call for evidence on pension freedoms and protecting pension savers.
31 March 2022 – deadline for sending scheme returns and contingent asset certificates to TPR.
31 March 2022 – deadline for sending asset backed contribution certificates and special category applications to the PPF.
31 March 2022 – Closure of legacy public sector pension schemes to further accrual.
31 March 2022 – COVID-19 easements on scheme administrative processes end.
|1 April 2022 – opening of new public sector pensions schemes to accrual.|
6 April 2022 – notifiable events regime extended to include certain corporate transactions.
6 April 2022 – legislation underpinning the ‘stronger nudge’ to pensions guidance is expected to come into force for occupational pension schemes.
6 April 2022 – legislation implementing the £100 de minimis level on the charging of flat fees for both active and deferred member pots comes into force.
11 April 2022 – increases to state pensions come into effect. This year’s increases will be in line with increases to CPI in the year to September 2021. This follows the breaking of the triple lock for this year which would otherwise have seen an increase of c. 8% based on wage increases.
29 April 2022 – deadline for sending exempt transfer applications to the PPF.
1 June 2022 – FCA rules on the ‘stronger nudge’ to pensions guidance comes into force for FCA-regulated schemes.
30 June 2022 – deadline for certifying full block transfers with TPR.
July 2022 – Dun & Bradstreet will publish the final mean score for PPF levy payers.
|JULY TO SEPTEMBER |
|OCTOBER TO DECEMBER |
|1 August 2022 – target date for regulations underpinning the CDC regime to come into force.|
Summer 2022 – TPR’s single code of practice goes into force.
Late summer 2022 – TPR publishes its second consultation on its revised code of practice on DB scheme funding.
15 September 2022 – Pension Awareness Day.
|1 October 2022 – extension of climate risk governance and reporting regime to schemes with assets >£1 billion. |
1 October 2022 – introduction of a fourth metric for climate risk reporting (i.e. reviewing and reporting on how investments align with the Paris Agreement).
1 October 2022 – legislation implementing simpler annual benefit statements for defined contribution schemes used for auto-enrolment comes into force.
October 2022 – publication of September’s CPI inflation figures which will be used for statutory revaluation and increases.
December 2022 – TPR’s target date for the final revised code of practice on defined benefit scheme funding to be in place (but this is likely to slip into 2023).
31 December 2022 – long stop date for publication of a TCFD report by schemes that were subject to climate change risk reporting requirements on and from 1 October 2021.
About the author(s)
Ian is a London-based professional support lawyer (PSL) legal director. Ian is a member of our pensions and combined human resource solutions (CHRS) teams. He works with clients to solve their employment and pensions law issues. Ian maintains a particular focus on 'crossover' issues that benefit from his understanding of both areas of law.