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

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
Regulator blogs on

Regulator blogs on "friction points" in superfund transfer process

The Regulator has published a blog reflecting on its experience of clearing transfers of DB pension schemes to DB superfunds. To date, only the Clara DB superfund has met the Regulator's assessment process and three transfers to that superfund have been cleared.

United Kingdom | Publication | May 20, 2025
A quiet roll back on changes to notifiable events for DB schemes?

A quiet roll back on changes to notifiable events for DB schemes?

On September 8, 2021, the Department of Work and Pensions began its consultation on the proposed drafting of regulations in relation to the Pensions Regulator’s ‘notifiable events’ regime.

United Kingdom | Blog | April 29, 2025
Government makes plans for DB scheme surplus extraction

Government makes plans for DB scheme surplus extraction

The Government has confirmed in a press release that new rules will be introduced giving more flexibility to how occupational DB pension schemes are able to invest surplus funds.

United Kingdom | Publication | February 14, 2025
PPF publishes PPF Levy for 2025/26 and DWP publishes levy ceiling Order

PPF publishes PPF Levy for 2025/26 and DWP publishes levy ceiling Order

On January 30, 2025, the PPF published its levy determination and rules for the 2025/26 financial year, following a consultation in Autumn 2024 on technical changes to allow it to maintain a minimum levy of £100 million.

United Kingdom | Publication | February 14, 2025
UK Pensions Briefing | Pensions Regulator publishes updated employer covenant guidance: Key messages

UK Pensions Briefing | Pensions Regulator publishes updated employer covenant guidance: Key messages

The Regulator has published the final part of the new funding regime framework: updated employer covenant guidance for trustees of defined benefit (DB) pension schemes, calling it “the last piece of the jigsaw to help schemes carry out valuations under the new DB funding code”.

United Kingdom | Publication | February 06, 2025
Prudential Regulation Authority sets out expectations for insurers to manage increased growth and complexity in bulk annuity purchase market

Prudential Regulation Authority sets out expectations for insurers to manage increased growth and complexity in bulk annuity purchase market

The high demand in recent years for DB pension scheme risk transfer solutions means there has been rapid growth in the bulk annuity purchase market across the UK life sector.

United Kingdom | Publication | January 28, 2025


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

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