Clifford Chance
Welcome to this Special Edition of the UK: Pensions Update covering the Mansion House Reforms
25 July 2023
In this edition we take a look at the pension reforms announced by the Chancellor during his speech at Mansion House on 10 July, together with the various consultation responses and fresh consultations that were published the following morning.
Broadly, the announced pension reforms and consultations form part of a wider government agenda to improve opportunities for investment in alternative assets, boost UK businesses and improve saver outcomes. While there is a lot to digest, we note that many of the proposals would require new legislation, indicating that implementation of the reforms is likely to be a way off yet.
The key reforms announced in the Mansion House Speech centre around:
1. reviewing trustee duties;
2. encouraging DB schemes to invest in UK businesses;
3. a new regulatory regime for DB superfunds;
4. facilitating the consolidation of DC schemes;
5. encouraging the establishment of CDC schemes;
6. a new DC value for money framework;
7. improving understanding of DC pension choices; and
8. LGPS asset pooling.
