Another year has flown by in the blink of an eye. We’ve witnessed war in Europe. Winced at eye-watering inflation. Waved fair well – and welcome – to prime minister after prime minster. Wilted in record-breaking heatwaves. Withstood record-breaking wintery weather. And, we even have ourselves a new monarch.
Thinking back at the year that was, one could be forgiven for forgetting what else we’d managed to get done. 2022 brought its challenges in the pensions industry too, with unprecedented financial movements shaking the system to its core – not least the LDI market. Members. Trustees. Investment managers. Employers. No one had an easy ride in 2022; but we all made it. We got on with it. We rolled with the punches and rolled our sleeves up. If there was one word to sum up 2022, perhaps it would be… ‘resilience’.
The trials of 2022 will stand us in good stead as we race into 2023 and the new challenges that await. Just like the year passed, there will be some challenges that we won’t see coming. But we know we are resilient and have the capacity to meet those tasks head on.
Thankfully, we can see the majority of the challenges ahead of us already and can make sure that we are suitably prepared. Planning for the things we can see and can predict, leaves us ready and agile to react to any unforeseen dilemmas that may pop up along the way.
So we hope that the latest version of our Quarterly Report will help your preparation for the year ahead. To complement our ever-present reviews of the investment and DC markets, we have included a special update on the Pensions Dashboard and take a closer look at the new Scheme Funding Code. The Autumn Statement from our latest Chancellor is discussed, as well as a summary of the Purple Book for 2022 recently published by the PPF and a guide on what to look out for when submitting TPR scheme returns in 2023.
From everyone at Spence, we hope you enjoy reading our report.
Click here or the image below to read the report.
