9 December 2019 is an important date in each of their respective calendars, albeit for different reasons.

9 December is national heroes day in Antigua and Barbuda and it is also a date that should be of note for pension scheme trustees. Not only is it the eve of the coming into force of various provisions of the CMA’s order in relation to the investment consultancy and fiduciary management market, but it is also the day on which the Financial Conduct Authority (FCA) is replacing its Approved Persons Regime with the Senior Managers Certification Regime.

Why is this important to know? Well, first, it’s only important to know for trustees of schemes that provide safeguarded benefits. Broadly speaking, this means that the benefits will include an element of defined benefit.