The PLSA’s mission is to help everyone achieve a better income in retirement. Doing that depends on our people. It is their hard work and expertise that secures policy wins and delivers first class training and conferences. And although the PLSA is a small organisation of fewer than 50 people, we have a diverse range of activities across member engagement, policy & research, events, marketing and communications, business development and corporate services.
Like many other events providers, the Covid-19 pandemic had a major impact on our finances during 2020.
Most of our operations continued without interruption. In particular our work supporting and representing members, and across all aspects of pensions policy we have continued to make a huge impact.
HERE’S WHAT WE ACHIEVED TOGETHER IN 2020
Covid-19: we defended automatic enrolment contributions, calling for flexibility from regulators, longer for policy consultations, and provided practical support for schemes and savers.
Climate change: we worked with PLSA members, including the LGPS which is leading the way, to overcome barriers that prevent schemes investing in a climate-aware way. Since then we held our first ESG Conference in June 2021, and launched a consultation looking at a new set of standards that recognise responsible investment by pension schemes.
Retirement Living Standards: our tools to help savers picture their futures in retirement now reach over 14 million savers and received two industry innovation awards.
DC Decumulation: we proposed a new approach for sign-posting and standards to help people choosing to access their pension. And since then we have set out recommendations to build on pension freedoms and provide extra support for savers at retirement.
Legislation: we successfully amended the Corporate Insolvency Bill to ensure pension schemes’ status as creditors was not deprioritised and we’re making your case on the alignment of RPI and CPIH.
Pension Schemes Bill: we’ve been making the industry’s case on Clause 107 on criminal sanctions, the pensions dashboard, and climate change issues.
Cost Transparency Initiative: our reporting tools are being used by schemes with over £150 billion in assets and more than 19 million members. Our templates and guides have been downloaded over 20,000 times.
Pensions dashboards: we’re representing the occupational pensions sector on the Dashboard Steering Group and informing PLSA members about key requirements such as data.
DB Superfunds: in response to our DB Taskforce, TPR has adopted an interim regime for DB Superfunds designed to protect scheme members and provide more choice for sponsoring employers.
DB Funding Code: we’re supporting the new code while making sure it works in the interests of all kinds of schemes and savers.
Trustee diversity and inclusion: we produced the industry’s first guide to help schemes benefit from new perspectives.
The PLSA has been awarded the Fair Tax Mark, an independent certification which recognises organisations that demonstrate they are paying the right amount of corporation tax in the right place, at the right time.