Aled Davies’ Post

⭐ ESOG: Effective System of Governance ⭐ From our work in pension scheme audits, we know that many trustees have good systems of governance, which will largely meet the ESOG requirements. However, we urge careful review of the requirements set out in the new General Code of Practice to make sure that these requirements are fully met.   That is, for your existing system of governance, carry out a gap analysis against the General Code of Practice’s definition of an ESOG, sooner, rather than later, to make sure that nothing is missed, and your scheme is compliant. #GeneralCodeOfPractice #PensionSchemes #ESOG #PensionAudit https://lnkd.in/eEZYTcv8

Looking forward to understand how we can make the letter of authority process better

This report examines the implications of the Digital Operational Resilience Act (DORA) for trustees of occupational pension schemes. DORA is intended to consolidate and upgrade information and communications technology risk requirements in the financial sector, and will apply in full from 17 January 2025. Trustees of occupational pension schemes will be responsible for ensuring compliance with DORA, and should familiarise themselves with the new requirements in advance of the compliance deadline. Read our latest briefing for more information: https://lnkd.in/edctKgrU #DORA #Pensions #DigitalOperationalResilienceAct

Navigating pension trusteeship: Insights from 2023 Trusteeship Survey The ever-evolving landscape of pension scheme governance, the role of pension trustees remains vital in ensuring sound decision-making & safeguarding the interests of scheme members. https://on.ft.com/42y1qXm

A quick guide on DORA that we've put together for pension scheme trustees. If you've any questions, please get in touch

CPD guide via FTAdviser - buyouts are one of the safest ways of securing a pension scheme member's (aka saver's) benefits (aka their pension/retirement income).

Businesses with UK defined benefits pension schemes are finding new strengths in the sale process. Our new article uncovers how improved funding levels and potential surpluses are transforming perceived liabilities into compelling assets for negotiations. This pivotal change could redefine your strategy and valuation in a sale.

Businesses with UK defined benefits pension schemes are finding new strengths in the sale process. Our new article uncovers how improved funding levels and potential surpluses are transforming perceived liabilities into compelling assets for negotiations. This pivotal change could redefine your strategy and valuation in a sale.

Defined benefit (DB) pension schemes have taken advantage of last year's “relative calm” to make progress on endgame planning, net-zero targets, and tackling diversity, equity and inclusion (DE&I) issues, research from LCP has revealed. #UKPensions #Funding #RiskManagement

At bp, we know that our people are key to our success – both when they are part of our team, and after they leave. Over recent months, you may have seen discussion in the comments here on LinkedIn about UK pensions. Yesterday, bp’s CFO Kate Thomson and I held an information session attended by 1,300 members of the UK BP Pension Fund. It was a chance to provide information and answer questions relating to the UK bp pension scheme. Some key points that were covered include: - Participants in bp’s UK defined benefits pension scheme receive a lifetime monthly payment when they retire – calculated based on their final bp salary and how long they worked at bp. The payment increases annually in line with the Retail Price Index – up to 5%. - Some members wanted to understand why bp didn’t agree to a discretionary increase above 5% in 2023. Kate and I explained some of the factors considered, including consistency globally, benchmarking with other UK companies. We also talked about the need to have a healthy surplus to pay pension benefits for the lifetime of all participants – to 2080 and beyond. - We appreciate how the rising cost of living has created challenges. And in the UK, there is a dedicated fund to support pensioners experiencing unique hardships, including a one-time grant in 2023 for eligible pensioners. At bp, we encourage open and constructive discussion; that’s why I wanted to take part in yesterday’s session. If I could ask for one thing though, it would be that discussion and comments remain kind, respectful and appropriate on social media. All too often, we are seeing individuals on social media targeting junior staff members, non-profit organizations we partner with, and even family members. My thanks to Kate, our pensions expert Gary and our colleague David, who moderated yesterday’s conversation, as well as to the rest of the bp team who have supported us on this. And to everyone who joined the call, thank you for your questions and your contributions to bp. Anyone who is interested can read more about the scheme and how bp is supporting our retirees who are most in need at: https://lnkd.in/d6rp4QPr