The Financial Reporting Council’s consultation on Actuarial Standard Technical Memorandum 1 (AS TM1) pensions dashboards changes has closed.

The consultation looked at proposed changes to the AS TM1, designed to reflect the new environment that will exist once pensions dashboards are in place. The Investing and Saving Alliance head of retirement, Renny Biggins, highlighted the consultation as “an opportunity for the Financial Conduct Authority and FRC to align the calculation basis for illustration”, suggesting that better consistency across the pensions framework could help increase consumer engagement, trust and confidence.

Universities Superannuation Scheme (USS) has officially backed The Pension Regulator’s pledge on pension scams.

The voluntary pledge encourages pension schemes to make a commitment to protecting members’ best interests when it comes to potential scams. USS stated that it previously considered making the pledge when TPR launched the initiative in late 2020, explaining that it held off to await any changes to self-certification requirements following the new 2021 transfer legislation. Commenting on the news, USS chief pensions officer, Helen McEwan, stated that while the requirements are, “quite rightly, complex and thorough”, members should take a lot of comfort from the fact the scheme was able to self-certify in a "relatively short space of time".

LGPS Central has launched a £1bn Global Sustainable Equities Active Fund.

Initial investors to the fund, which will be benchmarked against the FTSE All World Index, include Cheshire, Nottinghamshire, Shropshire and Worcestershire Pension Funds. It includes three themed sub-funds that will be managed by Mirova, Liontrust, and Baillie Gifford respectively, aiming to bring together a suitable mix of diverse managers to invest in only the most sustainable businesses, with the expectation that it will deliver suitable return over the longer term as the world transitions to a lower carbon economy.

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