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

Government outlines significant changes in pensions value, consolidation and UK investment in three publications

Government outlines significant changes in pensions value, consolidation and UK investment in three publications

The aims of the Pensions Investment Review, launched in July 2024, were to tackle fragmentation, boost investment, increase saver returns and address waste in the pensions system.

United Kingdom | Publication | June 12, 2025
HMRC publishes research on salary sacrifice arrangements for pensions

HMRC publishes research on salary sacrifice arrangements for pensions

On May 27, 2025, HMRC published research which aimed to understand the experiences, motivations, and attitudes of employers towards using salary sacrifice arrangements for pensions.

United Kingdom | Publication | June 12, 2025
Pensions Regulator publishes final response to consultation on statement of strategy and launches new digital valuation submission

Pensions Regulator publishes final response to consultation on statement of strategy and launches new digital valuation submission

The Regulator has published the final response to its consultation on proposals to help trustees of DB schemes meet new requirements for submitting a statement of strategy.

United Kingdom | Publication | June 12, 2025
Pensions Regulator publishes guidance on models and options in DB schemes

Pensions Regulator publishes guidance on models and options in DB schemes

The Regulator has published new guidance for trustees and employers of DB and hybrid schemes, which covers running on the scheme and an overview of arrangements for improving financial outcomes, scheme governance and member security.

United Kingdom | Publication | June 12, 2025
PPF final decision on 2025/26 levy on hold as it monitors progress of Pension Schemes Bill

PPF final decision on 2025/26 levy on hold as it monitors progress of Pension Schemes Bill

The Pension Protection Fund (PPF) has welcomed the inclusion of provisions in the Pension Schemes Bill 2024-25 that will remove restrictions in the Pensions Act 2004 that prevent the PPF reducing the risk-based levy to zero.

United Kingdom | Publication | June 12, 2025
DWP announces legislation plans to remedy Virgin Media uncertainty

DWP announces legislation plans to remedy Virgin Media uncertainty

On June 5, 2025, the DWP published a statement indicating that it plans to legislate to remedy uncertainty that has arisen following the Court of Appeal’s 2024 judgment in Virgin Media Ltd v NTL Pension Trustees II Ltd.

United Kingdom | Publication | June 12, 2025
UK Pensions Briefing | Pensions Regulator publishes its first Annual Funding Statement under the new funding code

UK Pensions Briefing | Pensions Regulator publishes its first Annual Funding Statement under the new funding code

The Regulator’s annual funding statement for private sector DB schemes was published on April 29, 2025. It is the first such statement since the new DB funding regime came into force from September 22, 2024, onwards.

United Kingdom | Publication | May 21, 2025
Pensions Regulator publishes its first Annual Funding Statement under the new funding code

Pensions Regulator publishes its first Annual Funding Statement under the new funding code

The Regulator's annual DB funding statement for 2025 was published on April 29, 2025. This statement and the accompanying analysis paper are particularly relevant to schemes with valuation dates between September 22, 2024, and September 21, 2025, now known as Tranche 24/25 or T24/25 to reflect the calendar year (previously known as Tranche 20 or T20).

United Kingdom | Publication | May 20, 2025
Regulator publishes market oversight report for trustees on market volatility

Regulator publishes market oversight report for trustees on market volatility

The Regulator has published a report entitled Market oversight: Market volatility and what trustees should do, which setting out its insight into DB and DC schemes' response to the current market environment and highlighting risks of which trustees should be aware.

United Kingdom | Publication | May 20, 2025


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Lesley Browning
Partner
Email
lesley.browning@nortonrosefulbright.com
T: +44 20 7444 2448 / +44 77 1030 3311
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Shane O'Reilly
Partner
Email
shane.o'reilly@nortonrosefulbright.com
T: +44 (20) 74443895

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