We look at developments relating to employer covenant strength and scheme funding.  This includes issues such as contingent assets, corporate restructurings, financial distress and insolvency.

Pensions Hub

Regulator publishes blog on trustee engagement where employers are in difficulty

Regulator publishes blog on trustee engagement where employers are in difficulty

On March 8, 2023, the Regulator published a blog urging trustees to engage with them promptly if their sponsoring employer is in difficulty.

United Kingdom | Publication | March 30, 2023
Actuary’s discretion under scheme rules to determine contribution rate when scheme had a funding shortfall

Actuary’s discretion under scheme rules to determine contribution rate when scheme had a funding shortfall

In a directions hearing, the High Court has handed down judgment relating to the actuary’s role in determining the contribution rate where there was a funding shortfall in the Railways Pension Scheme.

United Kingdom | Publication | February 27, 2023
Pensions Regulator: no grounds for contribution notice on collapse of Carillion

Pensions Regulator: no grounds for contribution notice on collapse of Carillion

The Regulator has published its regulatory intervention report on the Carillion Group, which went into insolvency in January 2018.

United Kingdom | Publication | February 27, 2023
Memorandum of understanding on criminal offences

Memorandum of understanding on criminal offences

The Regulator has published a Memorandum of understanding dated February 7, 2023, with the DWP in relation to the prosecution of the criminal offences introduced under the Pension Schemes Act 2021 (avoidance of employer debt and conduct putting at risk accrued scheme benefits).

United Kingdom | Publication | February 27, 2023
UK Pensions Briefing: The Pensions Regulator consults on its new DB funding code

UK Pensions Briefing: The Pensions Regulator consults on its new DB funding code

The current DB scheme funding regime is being fundamentally reformed, with wholesale changes expected to come into force in October 2023.

United Kingdom | Publication | January 19, 2023
Pensions Regulator publishes second consultation on draft DB Funding Code, together with consultation on Fast Track approach

Pensions Regulator publishes second consultation on draft DB Funding Code, together with consultation on Fast Track approach

On December 16, 2022, the Regulator published its second consultation on the draft DB Funding Code, with a view to laying it before Parliament in summer 2023, so that it can come into force in October 2023.

United Kingdom | Publication | December 28, 2022
Pensions Regulator publishes blog on mergers and acquisitions

Pensions Regulator publishes blog on mergers and acquisitions

On September 28, 2022, the Regulator published a blog on mergers and acquisitions (M&As) involving UK companies which sponsor a DB scheme.

United Kingdom | Publication | October 27, 2022
UK Pensions Briefing: Funding Defined Benefit Pension Schemes - Proposed Funding and Investment Changes

UK Pensions Briefing: Funding Defined Benefit Pension Schemes - Proposed Funding and Investment Changes

In July 2022 the DWP opened a consultation on its draft Funding and Investment Strategy and Amendment Regulations 2023 (the draft Regulations). The draft Regulations are being introduced under the Pension Schemes Act 2021, and will implement major changes to the existing DB scheme specific funding requirements.

United Kingdom | Publication | September 22, 2022
DWP launches consultation on new Funding and Investment Strategy Regulations

DWP launches consultation on new Funding and Investment Strategy Regulations

The DB scheme funding regime under current legislation is based on the scheme-specific funding requirements.

United Kingdom | Publication | August 30, 2022


Recent publications

Publication

Greece

The applicable legislation establishing a national screening mechanism for foreign direct investments (FDI) and implementing Regulation (EU) 2019/452 in Greece is Law 5202/2025, which was adopted on 22 May 2025 (Greek FDI Law).

Global | July 14, 2025

Antitrust and competition
modern-architecture-office-buildings-in-business-district

Publication

European Commission's recommendation on tax incentives to support the Clean Industrial Deal

In February 2025, the European Commission published its Clean Industrial Deal, a comprehensive action plan aimed at increasing both competitiveness and decarbonisation of the European Union.

Netherlands | July 14, 2025

Tax

Publication

Impact of PSR and other financial rules on ownership

An in-depth analysis of the Premier League’s PSR framework, its enforcement and its influence on club ownership, valuations and financial strategy.

Global | July 10, 2025

Sports law
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