Pensions Regulator updates 2025 DB and hybrid scheme return questions

The Regulator has updated several questions included in scheme returns for DB and hybrid pension schemes. Most schemes are obliged to submit returns to the Regulator annually.
  
For the next round of scheme returns, new questions will cover three areas:

• Scheme data quality. Schemes will be asked if they have measured their common or scheme-specific membership data in the last 12 months, rather than the last three years as previously. The relevant section of the return, previously called "Record-keeping", will be renamed "Scheme member data quality".
• Scheme membership. Schemes will be asked for details of the number of members in different benefit categories at the scheme year-end date falling between April 1, 2023, and March 31, 2024, for the purposes of calculating the general levy for the year from April 1, 2025.
• Investment consultancy providers. Schemes will be asked when their investment consultancy provider's performance was last reviewed and, if there has been no review, to explain why. They will also be asked when they last reviewed the strategic objectives set for the provider and, again, to explain why if no review has taken place.

Schemes will receive scheme return notices from the Regulator from December 2024 and, if required to submit a return, must do so using the online Exchange system by March 31, 2025.