What’s happening on scheme investments, including climate change, other environmental, social and governance (ESG) issues, stewardship, voting and reporting. This will mainly be of interest to trustees and fund managers.

Pensions Hub

FCA consults on proposals for targeted support for pensions

FCA consults on proposals for targeted support for pensions

On June 30, 2025, the Financial Conduct Authority published a consultation paper on its regulatory proposals for a new form of “targeted support” for consumers' pensions and retail investment decisions. The consultation ends on August 29, 2025.

United Kingdom | Publication | July 14, 2025
Regulations implementing long-term pension fund clearing exemption come into force

Regulations implementing long-term pension fund clearing exemption come into force

The Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025 were made on June 10, 2025, and came into effect the following day.

United Kingdom | Publication | July 14, 2025
HMRC revises policy on VAT on DB investment management costs

HMRC revises policy on VAT on DB investment management costs

On June 18, 2025, HMRC published a brief confirming that employers can claim all the input VAT incurred on costs relating to the management of assets held in occupational pension funds (investment costs).

United Kingdom | Publication | July 14, 2025
Pensions Regulator publishes final response to consultation on statement of strategy and launches new digital valuation submission

Pensions Regulator publishes final response to consultation on statement of strategy and launches new digital valuation submission

The Regulator has published the final response to its consultation on proposals to help trustees of DB schemes meet new requirements for submitting a statement of strategy.

United Kingdom | Publication | June 12, 2025
Government outlines significant changes in pensions value, consolidation and UK investment in three publications

Government outlines significant changes in pensions value, consolidation and UK investment in three publications

The aims of the Pensions Investment Review, launched in July 2024, were to tackle fragmentation, boost investment, increase saver returns and address waste in the pensions system.

United Kingdom | Publication | June 12, 2025
Revised UK stewardship code published

Revised UK stewardship code published

The Financial Reporting Council announced in a press release on June 3, 2025, that it has published a revised stewardship code which will take effect from January 1, 2026.

United Kingdom | Publication | June 12, 2025
Regulator blogs on

Regulator blogs on "friction points" in superfund transfer process

The Regulator has published a blog reflecting on its experience of clearing transfers of DB pension schemes to DB superfunds. To date, only the Clara DB superfund has met the Regulator's assessment process and three transfers to that superfund have been cleared.

United Kingdom | Publication | May 20, 2025
Government confirms legislation to extend CDC to be laid in autumn

Government confirms legislation to extend CDC to be laid in autumn

On April 29, 2025, Minister for Pensions Torsten Bell confirmed that new regulations will be laid in the autumn to allow for multi-employer collective defined contribution (CDC) schemes to be established. The related press release can be read here.

United Kingdom | Publication | May 20, 2025
Mansion House Accord launched by pension providers to boost UK investment by 2030

Mansion House Accord launched by pension providers to boost UK investment by 2030

On May 13, 2025, some 17 of the UK’s largest pension providers signed a voluntary Mansion House Accord, expressing intent to invest 10 per cent of their DC default funds (£50bn) in private equity by 2030.

United Kingdom | Publication | May 20, 2025


Contacts

Lesley Browning
Lesley Browning
Partner
Email
lesley.browning@nortonrosefulbright.com
T: +44 20 7444 2448 / +44 77 1030 3311
Shane O'Reilly
Shane O'Reilly
Partner
Email
shane.o'reilly@nortonrosefulbright.com
T: +44 (20) 74443895

Recent publications

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Listing trends in South Africa: Five key themes

The Johannesburg Stock Exchange (JSE) is the largest stock exchange in Africa. It has long been a barometer of economic health and corporate activity in South Africa.

Global | June 30, 2025

Capital markets
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Global M&A trends and risks 2025

Following a relatively promising start to the year for mergers and acquisitions (M&A) activity, the US tariff announcements shook dealmaker confidence, triggering global trade uncertainty and stalling M&A deals across the global M&A landscape.

Global | June 10, 2025

Corporate, M&A and securities
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UK LTAFs: Playing the long game

The UK Long-Term Asset Fund (LTAF) remains a relatively new type of fund structure designed to give investors access to long-term and illiquid assets, including private equity, private debt, real estate and infrastructure.

Global | June 03, 2025

Financial services and regulation
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