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Government surplus plans revealed
On May 29, 2025, the Government published the outcome of its February 2024 consultation on options for DB schemes.
United Kingdom | Publication | February 2024
The Pensions (Special Rules for End of Life) Bill 2023-24 is a Private Members' Bill, which was presented to Parliament through the ballot procedure by Laurence Robertson MP on December 6, 2023.
At the start of each new parliamentary year, backbench MPs are invited to enter their names into a ballot those whose names are chosen in the draw may each bring in a Bill of their choosing, known as a Ballot Bill. Ballot Bills take priority over other Private Members' Bills when time is allocated for debates and so have a better chance of becoming law.
The Pensions (Special Rules for End of Life) Bill 2023-24 proposes to extend the period of life expectancy relevant to members receiving certain terminal illness payments from the PPF and Financial Assistance Scheme. For example, the Pensions Act 2008 allows members of the PPF who are terminally ill to claim a lump sum. Both the PPF and FAS use the same definition of terminal illness:
"A person is 'terminally ill' at any time if at that time the person suffers from a progressive disease and the person's death in consequence of that disease can reasonably be expected within 6 months."
The Bill proposes to amend the definition of terminal illness used by both organisations to include people with a life expectancy of up to twelve months, instead of six months.
The Bill was scheduled to have its second reading on February 2, 2024.
Blog
On May 29, 2025, the Government published the outcome of its February 2024 consultation on options for DB schemes.
Publication
On 3 June 2025, the Financial Reporting Council (FRC) published an updated Stewardship Code, the UK Stewardship Code 2026, following a consultation process that ran from November 2024 to February 2025. It will apply from 1 January 2026 and replace the UK Stewardship Code 2020 (2020 Code).
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