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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 case: Further joint statement issued by industry working group
United Kingdom | Publication | January 2025
On December 17, 2024, a further joint statement was published about the potential impact of the Court of Appeal decision in the Virgin Media case which stated that certain contracted-out pension rights encompassed those relating to future service as well as past service.
The Association of Consulting Actuaries, Association of Pension Lawyers and Society of Pension Professionals formed a working group following the High Court judgment. They have maintained contact with the DWP to address the issues pension schemes face in managing the consequences of the decision.
The joint statement confirms that the working group still believes that the Government should make regulations that would "enable the validation retrospectively of any amendment that is held to be void solely because either a written actuarial confirmation was not received before the amendment was made, or where such a confirmation cannot now be located". The form of the regulations continues to be discussed with the DWP.
The working group hopes to provide an update "in the New Year".
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