AT A GLANCE -
The government will make release of surplus from ongoing defined benefit (DB) pension schemes easier....more
The government has announced that it will pass legislation to give pension schemes affected by the Virgin Media ruling the power to obtain retrospective actuarial confirmation that historic changes to contracted-out benefits...more
The Pensions Regulator (TPR) has published guidance for trustees on new models and options for DB and hybrid pension schemes. While some of these are endgame options, the guidance also covers options for improving financial...more
The Pensions Regulator (TPR) has published its 2025 funding statement. It is targeted at DB schemes undergoing valuations with effective dates between 22 September 2024 and 21 September 2025. However, it is relevant to all DB...more
Pensions dashboards – finalised standards and guidance -
The following dashboards standards have been finalised and have received ministerial approval...more
4/9/2025
/ Compensation & Benefits ,
Employee Benefits ,
Filing Requirements ,
New Guidance ,
New Regulations ,
Pension Schemes ,
Pensions ,
Regulatory Requirements ,
Reporting Requirements ,
Retirement Plan ,
Trustees ,
UK
The Prudential Regulation Authority ("PRA") has set out its 2025 expectations for UK insurers, by way of a Dear CEO Letter. The areas are not exhaustive but do represent "thematic priorities". The themes will not come as a...more
1/22/2025
/ Capital Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insurance Industry ,
Liquidity ,
Pensions ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Risk Management ,
UK
The Pensions Regulator (TPR) has published updated guidance for trustees on employer covenant assessment. The guidance represents the final piece in the new DB funding regime which came into force earlier this year. While TPR...more
ISSUES AFFECTING ALL SCHEMES -
PENSIONS DASHBOARDS – UPDATED STANDARDS -
The Pensions Dashboards Programme has published updated versions of: -
The dashboards code of connection – This sets out how schemes and...more
The Chancellor, Rachel Reeves, used her inaugural Mansion House speech to outline potentially the most significant pensions reforms for many years. The main focus is on multi-employer DC trust-based pension schemes,...more
The UK National Cyber Security Centre has published guidance on effective communications in a cyber incident. While targeted at organisations generally, rather than explicitly at pension scheme trustees, the guidance contains...more
ESG – compliance review findings -
The Pensions Regulator (TPR) has published the findings from its review of how trustees are complying with their wider ESG duties. The review concludes that while 99% of trustees of...more
In March 2024, TPR announced the results of a 2023 survey on trustee diversity. The results confirm that trustee boards are less diverse than the overall population, with the “typical trustee,” as described by TPR, being “a...more
The Pensions Brief is a monthly update for trustees and employers of occupational pension schemes in the UK. It provides headline summaries of developments over the previous month and associated action points. It also...more
The government has published statutory guidance setting out the staged timetable for connection to the pensions dashboards ecosystem. Although the statutory deadline for connection is 31 October 2026, schemes are required to...more
What is happening?
From 6 April 2024, the LTA will be abolished and a new regime for the taxation of lump sums and lump sum death benefits will be introduced. This is the most significant change to the UK pensions tax...more
As employers will be aware, the lifetime allowance (LTA) will be abolished from 6 April 2024. The LTA is the maximum amount of tax-relieved savings that an individual can build up in registered pension schemes over their...more
The Pensions Regulator (TPR) has published a regulatory intervention report outlining how they worked with Capita following a cyber incident last year (see our legal update), and detailing the key steps trustees should take...more
2/14/2024
/ Compensation & Benefits ,
Cybersecurity ,
Data Breach ,
Employee Benefits ,
Employer Liability Issues ,
Financial Services Industry ,
Incident Response Plans ,
Pension Schemes ,
Pensions ,
Popular ,
Retirement Plan ,
Risk Management ,
The Pensions Regulator (TPR) ,
UK
It has finally arrived! After a lengthy wait, the Pensions Regulator (“TPR”) has published the general code of practice (the “Code”). It is expected to come into effect on 27 March 2024. The Code applies to “governing...more
With the pensions industry having direct experience of recent cyber security incidents, the Pensions Regulator (TPR) has updated its guidance for trustees in this area. As a reminder, this year saw Capita suffer a cyber...more