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.
Pensions Regulator releases report on occupational DB landscape in UK for 2024
United Kingdom | Publication | December 2024
The Regulator has published its annual statistics report on the occupational DB landscape for 2024, which sets out a summary of the UK’s DB and hybrid scheme environment, detailing scheme status, membership numbers and assets under management.
Key findings reveal that:
- The DB and hybrid landscape continues to shrink at a yearly average rate of 3 per cent, with the number of schemes decreasing from 7,300 in 2012 to 5,190 in 2024.
- Schemes continue to close, with the percentage closed to future accrual (excluding those in wind-up) increasing from 72 per cent in 2023 to 73 per cent in 2024.
- Total membership in private DB and hybrid schemes has decreased by 2 per cent since 2023 to 9,424,000, with only 12 per cent of memberships in open schemes.
Despite these trends, the funding level has remained largely unchanged from 2023, rising from 117 per cent to 118 per cent.
The percentage of schemes in technical provision surplus is 80 per cent in 2024, up from 77 per cent in 2023.
Partner
Email
lesley.browning@nortonrosefulbright.com
Recent publications
Publication
Canada and EU sign security and defence partnership
Canada and the European Union signed a Security and Defence Partnership (SDP), which formalizes a mutual intent to foster closer ties by establishing a framework for dialogue and cooperation across the full security and defence spectrum.
Publication
CORSIA: A market update
The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is now half way through its first phase of compliance, while the supporting regulatory frameworks constituting the building blocks for the CORSIA and Article 6 markets are incrementally being cemented in place and the market is developing fair mechanisms for managing key gap risks.
Subscribe and stay up to date with the latest legal news, information and events . . .