PMI South West Region Autumn Seminar 2019 · [email protected]. TLT LLP Selection of key court judgments in 2019 Legislative and Regulatory update Looking ahead to

PMI South West Region – Autumn Seminar 2019

26 November 2019, TLT

2019: A Legal Year In Review

Chris Crighton

TLT LLP

Presenting today

Chris Crighton

Partner | Bristol

+44 (0)333 006 0498

[email protected]

TLT LLP

Selection of key court

judgments in 2019

Legislative and

Regulatory update

Looking ahead to 2020:

what’s on the horizon

What we will cover

TLT LLP

Case law summary

TLT LLP

Many judgments of note were handed down in 2019. A short selection is

set out below:

Selection of pensions judgments in 2019

Safeway Ltd v Andrew Richard

Newton and Safeway Pension

Trustees Limited (European

Court of Justice) Validity of retrospective equalisation

amendments

Deed of Amendment changing NRDs

made in 1996 was held not to take

effect retrospectively to 1991, despite

an announcement being sent to

members at that earlier time

Not the end of the story…case

deferred back to the Court of Appeal

R (on the application of Delve

and another) v Secretary of

State for Work and Pensions

(High Court) “BackTo60” case

High Court dismissed claims to

reverse recent state pension age

increases for women

Held there was no discrimination,

but even if there had been it

could have been justified given it

had a legitimate purpose

TLT LLP

Selection of cases from 2019 (continued)

Selection of pensions judgments in 2019

BIC (UK) v Burgess and others

(Court of Appeal) Reversed High Court decision

regarding the validly introduction of

pension increases for pre-1997

pensionable service

The judges held that pension scheme

formalities have a purpose and failing

to comply with them will not result in

the intended outcome being obtained.

The High Court judge went “a step

too far and involved the re-writing of

history to an impermissible extent”

Chas A Blatchford & Sons Ltd

Group Pension Scheme (High

Court) Considered rectification principles in a

pensions context, following the earlier

Court of Appeal ruling in FSHC

Group Holdings Ltd v GLAS Trust

Corporation Limited

Outward expressions of accord not

required in pension cases covering

unintentional amendments where

there was a joint common intention to

make no change

Ultimately rectification cases will be

decided on their own merits but

helpful guidance nonetheless

TLT LLP

Equalisation Method

Tax issues Transfers ForfeitureDe minimis thresholds

…and an update on one from 2018: where are we with GMP equalisation!

Legislative and Regulatory Update

Pension Schemes Bill 2019-20

Statutory framework for CMP (no longer CDC)

Enhancement of tPR powers

New criminal offences and non-criminal sanctions

DB funding regime changes

Pensions dashboard establishment

Progress halted… for now…watch this space for future developments

Legislative developments in 2019

Extension of Fair Deal to the LGPS

Potential reforms to RPI

Opposite-sex civil partnerships

Consultation on Ombudsman’s jurisdiction

Introduction of cold calling ban

Selected other legislative developments/consultations

“Clearer, quicker and tougher” in 2019?

Exercise of powers

Changing approach

TPR Update

TLT LLP

Looking ahead…

Questions

Pension Scams

Best Practice Due Diligence

November 2019

What is a pension scam?

The marketing of products and arrangements and successful or unsuccessful attempts by a party (the "scammer") to:

• Unauthorised release funds from an HMRC registered pension scheme

• Unauthorised access to pension savings

• Inappropriate investments

• Misleading the individual

16

Timeline of developments

February 2013

The Pension Regulator launches ‘Pensions Liberation’ scorpion campaign

March 2015

Pension Liberation Industry Group publishes first ‘Code of Good Practice’

Raise awareness

Robust processes for assessing risk

Be aware of the known current strategies

17


March 2014

Budget announces complete overhaul of system introducing new pension flexibilities

April 2015

Freedom and Choice launches along with Pension Wise

March 2017

QROPS tax charge introduced

18


Summer 2018

FCA ScamSmart campaign launched

January 2019

Cold calling ban including text messages and emails

End of 2019

Money and Pension Service due to be launched

Further ahead

Changes to the law

19

Member transfer rights

Members with safeguarded benefits have a statutory right to request a statement of entitlement once in every 12 month period

Where the statutory conditions are met a member has an absolute right to transfer

20

Free pension review

Pension ‘loans’

Access before age 55

Unregulated introducer

Overseas transfer to QROPS

Primary / Secondary transfers

International SIPPs

Fractional scamming

Secondary scamming

Greenwashing

Changing nature of pension scams

21

What can be done now?

Pension Scams Identification call

- Telephone call with member

- Paper based scam detection is too straightforward for exploitation

- Additional layer of protection

Company appointed preferred IFA

- Reduces risk

- Removes/reduces cost barrier

- Benefit funding improvement

Provide a low cost default option

- Flexible access

- Master Trusts are a popular option

22

• Continual member education program

• Review transfer documentation against Code of Practice

• Publicise Pension Transfer Gold Standard IFAs

Additional mitigations to consider

XPS Pension Scams Identification Service

Typical cost (plus VAT)

Call takes place only when there is a formal instruction to transfer and once all due diligence is complete

All cases must be referred, not just those where the due diligence has shown pension scam flags

All calls are recorded and transcripts available

£190225 2,971 1,241 Calls have taken place 1/10/2018 – 30/09/2019

34% showed warning signs of potential scam activity

Calls have taken place since inception in 2015

22% showed warning signs of potential scam activity

Schemes signed upto date

Service used by both internally by XPS and also by external administrators:

MercerEquinitiCapitaDHLPrudential

23

2%3% 3%

8%

9%

31%

32%

12%

Courier

Cold Call

General

Receiving Scheme issues

Guarantees

IFA Issues

Fees

Lack of member

understanding

Issues identified in calls

24

Mrs Example

DJC 1989

DJS 1994

DOL 2003

CETV £19,500

Pension Scam signs identified

Initial transfer quote requested through a company known to be associated with cold calling

Discharge forms confirmed transfer to ’The Focusplay Retirement Benefit Scheme’ an occupational pension scheme with no employment relationship with the member

Scheme recently established in May 2013

Trustee Company and Scheme Administrator only recently established as a provider of pension services

No evidence of independent financial advice

Member 53 years old

Odd documentation provided with discharge forms not usually received with a transfer – copy of the annual Scheme Return to tPR plus Trust Deed & Rules

Website for the Trustee firm featured pictures of Alan Partridge and Miss Piggy

Case study

25

Closed DB Scheme – manufacturing firm with 400 deferred and pensioner members

Discharge forms received within the transfer guarantee period - a statutory transfer

XPS wrote to the Pensions Regulator to request a payment extension

XPS contacted HMRC to request validity of receiving scheme’s registration

Member asked to complete further documentation providing more information about the receiving scheme and raising our concerns about pension liberation fraud

Advised that without the additional documentation the transfer would not continue

Nothing received from member so case closed with benefits remaining deferred in Scheme

Case study - next steps

26

An accountant has been jailed for more than three years after he fraudulently took more than£290,000 from a pension scheme.

The Focusplay Retirement Benefit Scheme was the pension scheme for Gleeson Bessent (Accountantsand Business Advisers) Ltd, of which Roger Bessent was a director. Bessent was also a director of aprofessional pension trustee firm, Gleeson Bessent Trustees Ltd, which was trustee to the Focusplayscheme. In this way, Bessent was able to access the pension scheme’s funds and transfer savers’ moneyinto struggling and new businesses he part owned and which were run by himself, his family and aclient.

Bessent had pleaded guilty to multiple counts of fraud, making prohibited employer relatedinvestments (ERI) and acting as a director while disqualified. In the pension scheme’s books hepresented the transfers as loans and created false minutes and records of the pension scheme listingother trustees as present at meetings when they were not.

Sentencing Bessent, to 39 months in prison, His Honour Judge Nicholas Barker said the defendant’s“selfish and greedy acts” targeted “ordinary, hard-working people” who had trusted Bessent to investtheir money to provide for their retirement.

The Pensions Regulator charged Bessent with fraud by abuse of position and making employer-relatedinvestments by way of prohibited loans – the first time TPR had prosecuted for either of the offencesand the first time a prosecution by TPR has led to an immediate custodial sentence.

Final position

27

29 March 2019 - Accountant trustee jailed for plundering company pension scheme

Summary

Understand tactics used by scammers continually evolve

Ensure robust practices and effective due diligence

Education, education, education

Assess the risks of each case on its own merits

Regularly monitor transfers to identify any trends

Expect lots more cases

1

2

3

4

6

5

28

Registration

XPS Pensions Consulting Limited, Registered No. 2459442.

XPS Investment Limited, Registered No. 6242672.

XPS Pensions Limited, Registered No. 3842603.

XPS Administration Limited, Registered No. 9428346.

XPS Pensions (RL) Limited, Registered No. 5817049.

Trigon Professional Services Limited, Registered No. 12085392.

All registered at: Phoenix House, 1 Station Hill, Reading, RG1 1NB.

Authorisation

XPS Investment Limited is authorised and regulated by the Financial Conduct Authority for investment and general insurance business (FCA Register No. 528774).

Thank you

Katie Lambert

T: 0117 202 0412 / 0782 541 5358

E: [email protected]

mailto:[email protected]

Strictly private and confidential

Defined Benefit Solutions

What’s wrong with GMP conversion?

Pensions Management

InstituteJOHN CORMELL

Principal and Head of

GMP equalisation

LUCY CRESSWELL

Senior Pension

Management Consultant



What’s on

the agenda

31

›A brief history

›The silver bullet?

›Winners and

losers

›Other options

›PASA and

HMRC guidance

›Equalisation

project planning



A brief history



33

A Brief History

January 2012DWP propose

methodology for GMP

equalisation

2012PPF methodology

implemented

November 2016Further DWP

consultation on

GMP equalisation

26 October 2018Lloyds Bank Ruling

Legislation required?

18 April 2019DWP conversion

guidance

HMRC guidance

Further guidance?17 May 1990ECJ judgement in

Barber case

5 April 1997GMPs cease to

accrue

Follow up Lloyds

Bank ruling

September 2019GMP Equalisation

Working Group

Guidance

A reminder on conversion

• GMP conversion is the retranching of

an individual’s pension such that the

pension no longer includes GMP, and

the benefits are actuarially equivalent

• The pension in each year may be

different!

• The main aim could be simplification

• But achieving GMP equalisation is likely

the catalyst

34

GMP

XS

Non-

GMP

ANNUAL PENSION

(higher nominal amount offset by

less generous structure)

OR

ANNUAL PENSION

(Lower nominal amount offset by

more generous structure)

GMP

XSNon-

GMP

60 65 70 75 80 85 90 95 100 105 110

Age

Conversion example - exchanging increasing pension for level pension

Female

Male

D2 Conversion

A reminder on conversion

35

Male pensionFemale pension

Entire pension converted



Is conversion the silver bullet?

What’s right with conversion?

37

• Administratively cheaper

• Potentially cheaper buyout costs

LESS EXPENSIVE

• Easier to understand simplified benefits

• Can be easier to understand than other methods of GMP equalisation

• Easier to administer than other methods

SIMPLER

• Slightly more expensive in short-run

• Some members may receive less

pension than they otherwise would

have done (but others more)

• Conversion can create winners and

losers

• Potential for tax issues

• HMRC guidance might resolve them

all, but can be mitigated either way

• Company consent needed

• Could this be a good thing?

• Short-term uncertainty if converting

to or from RPI because of possible

change to CPIH

• Should be resolved in 2020

Conversion isn’t perfect

38

Spectrum of conversion – how much change?

39

EQUALISE ONLY

• Convert GMP in name only

• Perhaps remove some

complexities of GMP such as

step ups

CONVERT GMP ONLY

• Non-GMP unchanged

• Convert all GMP to the same

tranche as pre 97 excess

• Could convert to two tranches

to minimize change in total

pension

SIMPLIFY ALL THE WAY

• Convert all GMP and all pre

97 excess pension to a single

tranche

• Use section 67 legislation to

convert pre 1978 benefits

?Where is right for each scheme?

Legislation: Are changes to excess benefits “necessary or desirable as a consequence of, or to facilitate, the GMP conversion”?

Winners and losers, and

conversion alternatives

What are “winners” and “losers”?

41

“WINNERS” members who receive more

total pension than they would

have done had benefits been

left unchanged, or, if another

equalisation method had

been used

“LOSERS”members who receive less

total pension than they would

have done had benefits been

left unchanged, or, another

equalisation method had

been used

The PPF and the Company might also be a winner or loser but that is a question for another day

60 65 70 75 80 85 90 95 100 105 110

Age

Conversion example - exchanging increasing pension for level pension

Female

Male

D2 Conversion

An individual level – D2 (conversion)

42

Male pensionFemale pension

Member initially gets higher amount (female)

Continue to get

female amount

after crossover

Until cumulative

amount received

under male method

catches up

Then male method

paid thereafter

Member gets a single additional pension amount

A member that dies early

will be better off under

this example of

conversion

Whereas a member that lives

a long time will be worse off

under this example of

conversion

Entire pension converted

Conversion alternatives

43

B C D1

Dual records

Members receive

highest of male and

female pensions in

any given year

Dual records

But with accumulated

offsetting

More complicated

Value

methodology

Could be

badged as D2,

Conversion in

name only

METHOD METHOD METHOD

….most schemes are much simpler

44

60 65 70 75 80 85 90 95 100 105 110

Age

Female and C2

Male

D

Male pension

Female pension

D: Male benefits converted to be same actuarial value as female benefits but not necessarily same shape.

Potential for differences in amounts depending on how long

a member lives and differences in the shape of pension

C2: Female pension higher and so this is what is paid to both genders.Most schemes will look like this –

Difference between methods reduces

Conclusions on alternatives

Method B is the most

straightforward

method for schemes

to ensure no losers

Method C is the ‘safe’

option for schemes as

this was the favoured

method in the Lloyds

case (but what about

buyout implications?)

Method D1 is the

simplest solution, but

is it permitted?

Conversion in name

only may achieve

similar outcome

45

Conversion represents an investment for the scheme to bring ongoing future savings and

benefit clarity

B C D1METHOD METHOD METHOD

Impact of PASA and HMRC

guidance

Key points from the PASA guidance

• Past underpayments must be

paid with a year by year

approach if using a year by year

approach to equalise future

payments

• Hypothetical opposite sex

comparators should be used

• Legal advice recommended for

schemes only ever having one sex

• Interest must be applied on

backpayments, with bank base

rate +1% being preferred

• This is the interest rate used in the

Lloyds case

• Conversion can only be used to

correct future GMP payments

47

PASA guidance – unanswered questions

• Transfers in

• Bulk vs individual

• Anti-franking

• Survivors’ pensions

• DC with GMP underpins

• Female members with no GMP

• Ambiguity is a good thing!

48

More

guidance to

be issued in

due course!

Impact of the PASA guidance

• Sufficient clarity before guidance was issued for schemes to

be making progress

• Guidance reassures actuaries

• For many schemes, tax issues are the only stumbling

block

49

FutureConversion

PastMethod B or C

HMRC guidance

TO BE CONTINUED!

Likely to be released in December

50

Planning an equalisation

project

Planning an equalisation project

52

DATA

Identify gaps and

consider actions to

improve data

UNDERSTAND

YOUR OPTIONS

The methods

THE METHODS

Implementation date

agreed with administrator

Consider combining with

rectification

Equalisation project steps Throughout:

• Legal consultation

• Employer consultation

• Member communication

Where do transfer values, trivial

commutations, etc. fit in?

?

Get your data ready

Combine

with GMP

rectification

Consider approach

Which method?

Conversion

feasibility paper?

Calculation

model

Legal advice

required for

benefit structure

Implement

Backpayments

and current

payments

Members notified prior to

implementation!

ACTUARY SCHEME ADMINISTRATOR

LEGAL INPUT AND

ADVICEData

Calculation system

GMP equalisation

calculation module

Decisions over data

approximations

Benefit structure

Administration

system

Back payments

Data checks

Queries

Data refinements

Original/

Opposite sex

accumulated accounts

Original/

Opposite sex pensions

GMP Equalisation – Detailed Process Overview

54

Surprises that have come into public

domain before December

• TBC

55

Next steps

Get your

data

ready

Decide if

conversion

could be

right for

your

scheme

Project plan

and

interaction

with

rectification

Feasibility

paper to

help set

scope and

approach

Regulatory information

• The information in this presentation is based on our understanding of current taxation law, proposed

legislation and HM Revenue & Customs practice, which may be subject to future variation.

• This presentation is not intended to provide and must not be construed as regulated investment advice.

Returns are not guaranteed and the value of investments may go down as well as up.

• Barnett Waddingham LLP is a limited liability partnership registered in England and Wales. Registered

Number OC307678.

• Registered Office: 2 London Wall Place, London EC2Y 5AU

• Barnett Waddingham LLP is authorised and regulated by the Financial Conduct Authority and is

licensed by the Institute and Faculty of Actuaries for a range of investment business activities.

57




Pensions Management

Institute

26 November 2019 – Bristol

Bulk Annuity market update


Defined Benefit Solutions 59

Agenda

Current Market update and what to expect in the future

High demand in the Bulk annuity market

How to increase supply in the Bulk annuity market



Your Presenter today

Andrea Collins

Senior Business Development Manager

Andrea joined in 2019 and works with trustees

and trustee advisors to help understand their

schemes’ de-risking plans. She focusses on

existing clients.

Previously, she’s spent 12 years in pensions

actuarial roles and most recently

heading an actuarial team at the

Pension Protection Fund.



2018 Market Review

Record breaking times £12bn record breaking

‘back-book’ transactionNo more seasonality

Buy-ins and buyouts market share (by value) during the

year to 31 December 2018

Source: Hymans ‘Buy-outs Buy-ins and Longevity Hedging H2 2018’ report

10.7%

5.5%

34.5%29.5%

3.3%

5.4%

3.8%7.3%

Aviva

Canada Life

Legal &

General

Pension Insurance

Corporation

Phoenix

Just

Rothesay Life

Scottish Widows

£4.4bn

buy-in

£2.4bn buy-in£1.5bn

buy-in

£1.3bn

buy-in

Major transactions in 2018



Market outlook

Demand from the bulk annuity and DB consolidation

volumes

Source: RBC, Pension Buy-ins and Buyouts and Longevity Swaps and Reinsurance

Note: Excludes back book deals

"In terms of looking forwards, we are expecting to carry on at this pace.

We're predicting that this year will also be over £30bn."

Charlie Finch, Partner at LCPProfessional Pensions

8 August 2019

£4.6bn

buyout

£3.4bn

buy-in

0

5

10

15

20

25

30

35

Major transactions in 2019

£2.8bn

buy-in

£3.8bn

buyout



Why has demand for Bulk annuities grown ?

Mortality improvements slowing

down

Cumulative deaths by week compared with average over 2005 to 2014

Source: Aon Hewitt’s ‘The Return of the buy-out’ 14 March 2019

PPF Purple Book : 2008 edition, 2018 edition

Scheme maturity

2008

2018

22%

42%

36%

Active members Deferred members Pensioners

12%

47%

41%

Active members Deferred members Pensioners



Why has demand for Bulk annuities grown

Increase in DB to DC transfers

Source: Aon Hewitt’s ‘The Return of the buy-out’ 14 March 2019

Increase in DB to DC transfers

Insurer pricing at its best

Positive asset returns



Asset sourcing

- Infrastructure debt

- Commercial mortgages

- US municipals

Human Capital

- Limited resource

Improving Processes

- Streamlined process

What are insurers doing to increase supply?



Clear Objectives

• Trustees and advisers agree objectives

• Engage all stakeholders including sponsor

• Start talking to insurers

Engaging with insurers



Clear Objectives•Trustees and advisers agree objectives

•Engage all stakeholders including sponsor

•Start talking to insurers

Good preparation • Data/benefit

specification

• Delegate authority as appropriate




Clear Objectives•Trustees and advisers agree objectives



Good preparation •Data/benefit specification

•Delegate authority as appropriate

Clear process/project plan

• Everyone knows what’s expected and when

• Insurers have confidence of transaction happening




Clear Objectives

•Trustees and advisers agree objectives



Good preparation

•Data/benefit specification

•Delegate authority as appropriate

Clear project plan

•Everyone knows what is expected and when

• Insurers have confidence of transaction happening

Talk

• Insurers can give feedback

• Secure a quotation slot




Working together – but not for everyone

Now

Advisers are sharing pipeline

Trustee discretions

codified

Discussing solutions on

GMP equalisation

Data presented in

agreed format

Pre-agreed legal

contracts

Going forward

One round processes

Improved engagement with administrators

Data sharing



Summary

Market growing

Strongly

Being prepared is

key to engaging

insurers

The bulk annuity

market is extremely

busy



disclaimer

It is our intention that the information contained within this presentation is accurate. We have taken

all reasonable steps to ensure that it is up-to-date and where relevant reflects the current views of

our experts. However, no reliance can be placed on the content and we do not accept any liability

for errors or omissions in the information supplied.

If you require clarification on anything, our recommendation is that you contact us at the address

below for verification, or call Rob Mechem on 01737 233 307.

This document and its contents are intended solely for the trustees of this scheme and professional

advisers it was presented to. It must not be passed to any third parties.

Our Registered Address: Just Retirement Limited, Roebuck Close, Bancroft Road, Reigate, Surrey,

RH2 7RU.

Just Retirement Limited (Registered in England Number 05017193).

Just Retirement Limited is authorised by the Prudential Regulation Authority and regulated by the

Financial Conduct Authority and the Prudential Regulation Authority.

© JUST. All rights reserved.

Investment Consultancy and Fiduciary Management Market Investigation Order 2019

PMI South West Region – Autumn Seminar 2019

26 November 2019

Caryl Embleton-Thirsk FIA

Director, Solutions

74

Investment Consultants & FMs Market Investigation – Timeline

10 Dec 2019

July 18

Dec 2018

Sept 17

CMA Provisional Decision Report

FCA refers investment consultancy and fiduciary management services to the CMA for a market investigation

CMA’s Final Report

CMA Order Published

June 2019

2 weeks to go to comply!

Nov 15

It all began with the FCA’s Asset Management Market Study

75

CMA conclusions – what is working well

Satisfaction 95% of investment consultancy customers are satisfied with their provider

Fee Discounts

Providers can achieve significant discounts for pension schemes from asset managers, especially in fiduciary management

Low barriers to entry

Low barriers to entry in investment consultancy and fiduciary management, and not highly concentrated

Tailored advice

Asset allocation advice appears to be tailored to reflect the needs of pension schemes

76

CMA conclusions – what needs to change

Competitive concerns

The CMA found there is an adverse effect on competition in both the Investment Consultancy (“IC”) and Fiduciary Management (“FM”) markets

EngagementThere was concern that there is a low level of engagement from some pension trustees

TransparencyLack of clear and comparable information, particularly on performance and fees

Incumbency advantage

Half of pension schemes buy fiduciary management services from their existing investment consultant

77

CMA remedies

Tru

stee

s

Mandatory tendering of Fiduciary

Management services

Set objectives for Investment Consultants

ICs

and

FM

s

Obtain written confirmation of an FM competitive tender

Separate Marketing of FM from Advice

Provide itemisation of the total costs of FM

Provide standardised performance information on FM and IC recommended products

Monitoring by the CMA of all parties

78

Mandatory FM tendering – new appointments

If 20% or more of a scheme’s assets will be managed under FM (whether with one or more providers)

Where FM involves the provision of both advice and investment management services

Use reasonable endeavours to obtain three or more written bids

But consider draft tPR guidance on tendering for FM services

Once complete, written confirmation must be provided by trustees to the FM

79

Mandatory re-tendering – existing appointments

If 20% or more of a scheme’s assets are managed by one or more FMs

If no competitive tender took place when initially appointed an FM

Use reasonable endeavours to obtain three or more written bids

Must be completed within 5 years of initial appointment of an FM, or by 9 June 2021 if this will expire before then

Otherwise Trustees must not continue to receive FM services

80

Impact of Mandatory FM Tendering

c. 950 34% 600?

Total number of “full” and “partial” fiduciary

mandates

(KPMG, 30 June 2019)

Of schemes who bought fiduciary management

formally tendered

(CMA, December 2018)

Schemes who need tore-tender…

A large proportion of these schemes will likely need to re-tender by June 2021

81

What to watch for

Did we run a competitive

process?

Discontinuity on trustee boards and poor record-keeping can prove a challenge.

Was it consistent with CMA requirements? Seek legal advice!

“Compliance-lite”

retendering

“Are we making up the numbers?” – FMs may be choosier about what they bid for.

Rise of the TPEs

Third-party evaluators (TPEs) have been very active in promoting their credentials to raise their profile and win market share ahead of the retendering avalanche.

Are we using fiduciary

management?

Schemes may be captured by the definition even if they do not believe they obtain fiduciary management services – seek legal advice!

82

Investment Consultant Objectives – In brief

UNDERSTAND scope of

services you receive

CONSIDER tPR’s draft guidance

DOCUMENT the agreed objectives

REVIEW performance

annually

Must be set by 10th December 2019

83

Summary & Next Steps

• IC objectives must be set

• All parts of the CMA Order will now apply10 Dec 2019

• DWP Legislation expected to replace certain parts of CMA OrderApril 2020

• Deadline for mandatory re-tendering of FM for most schemes9 June 2021

• FCA/tPR will put in place requirements to replace certain provisions of the order in due course

Date TBC

Seek legal advice on your schemes

Issued by River and Mercantile Investments Limited, authorised and regulated by the Financial Conduct Authority.

A River and Mercantile Group Company

30 Coleman Street, London, EC2R 5AL

Telephone: +44 (0)20 3327 5100

Facsimile: +44 (0)20 7785 9040

www.riverandmercantile.com

Important Information

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River and Mercantile Solutions, a division of River and Mercantile Investments Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (Firm Reference No. 195028; registered in England and Wales No. 3359127) and is a subsidiary of River and Mercantile Group Plc (registered in England and Wales No. 04035248), with its registered office at 11 Strand, London WC2N 5HR. Please note that all material produced by River and Mercantile Solutions is directed at, and intended for, the consideration of professional clients of River and Mercantile Solutions only within the meaning of the Financial Services and Markets Act 2000 ("FSMA"). Retail or other clients must not place any reliance upon the contents.

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The value of investments and any income generated may go down as well as up and is not guaranteed. An investor may not get back the amount originally invested. Past performance is not a guide to future performance. Changes in exchange rates may have an adverse effect on the value, price or income of investments.

This document is confidential and is intended for the recipient only. It should not be distributed to any third parties and is not intended and must not be, relied upon by them. Unauthorised copying of this document is prohibited.

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PMI South West Region Autumn Seminar 2019 · [email protected]. TLT LLP Selection of key court judgments in 2019 Legislative and Regulatory update Looking ahead to