Publication
Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Virgin Media: DWP addresses impact of case judgement on workplace schemes
United Kingdom | Publication | March 2025
The DWP has acknowledged industry concerns regarding the implications of the Virgin Media Ltd v NTL Pension Trustees II Ltd judgment on occupational pension schemes and employers.
Pensions Minister Torsten Bell provided an update on the Virgin Media issue by way of an answer to a Parliamentary Written Question from Liberal Democrat MP John Milne. In his response, the Minister noted the representations made to the DWP by pension schemes and industry representatives and acknowledged that where schemes are unable to demonstrate that the reference scheme test had been met, this ‘“could lead to uncertainty and additional costs”. He concluded by saying that although no final decisions have been made, the DWP is “actively considering” its next steps and will provide an update in due course.
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