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

Pensions Regulator updates DB superfunds guidance and highlights expectations about release of capital

Pensions Regulator updates DB superfunds guidance and highlights expectations about release of capital

The Regulator has updated its DB superfunds guidance, including the position on capital release, clarification on certain investment principles and additional detail around capital-backed arrangements and insolvency circumstances.

United Kingdom | Publication | August 12, 2024
Virgin Media case and scheme amendments: ACA, APL and SPP issue joint statement

Virgin Media case and scheme amendments: ACA, APL and SPP issue joint statement

We reported last month that the Court of Appeal had agreed with the High Court’s previous judgment that all rule amendments to contracted-out DB schemes between 1997 and 2013 require written actuarial certification. Three pensions professional bodies have now issued a joint statement on the effect of the ruling.

United Kingdom | Publication | August 12, 2024
Court of Appeal upholds High Court decision in Virgin Media’s appeal

Court of Appeal upholds High Court decision in Virgin Media’s appeal

The Court of Appeal has ruled that all rule amendments to contracted-out DB schemes between 1997 and 2013 do need written actuarial confirmation that the reference scheme test continues to be satisfied.

United Kingdom | Publication | July 29, 2024
Court of Appeal agrees with High Court that proviso in BBC pension scheme amendment power protects changes to future service benefits

Court of Appeal agrees with High Court that proviso in BBC pension scheme amendment power protects changes to future service benefits

In a judgment handed down on July 9, 2024, the Court of Appeal has upheld the earlier decision in BBC v BBC Pension Trust [2024] that “interests” of active members includes future service benefits as well as rights earned by past service.

United Kingdom | Publication | July 29, 2024
King’s Speech unveils new Pensions Bill

King’s Speech unveils new Pensions Bill

At the state opening of Parliament on July 17, 2024, the King’s Speech set out the new Government’s intention to introduce a Bill legislating on several areas of pension policy.

United Kingdom | Publication | July 29, 2024
Government launches widescale review of UK pensions industry

Government launches widescale review of UK pensions industry

A new review of the UK pension system aims "to boost investment, increase pension pots and tackle waste in the pensions system". As promised in their manifesto, on July 20, 2024, Rachel Reeves, the new Chancellor of the Exchequer, announced the “big bang on growth” to boost investment and savings. The review is to be led by the new joint Treasury and Department for Work and Pensions Minister, Emma Reynolds MP.

United Kingdom | Publication | July 29, 2024
DB scheme funding: funding and investment strategy regulations now in force

DB scheme funding: funding and investment strategy regulations now in force

On April 6, 2024, the new DB scheme funding regulations came into force, setting out the revised DB funding framework which includes the requirement for schemes to have a funding and investment strategy.

United Kingdom | Publication | April 15, 2024
ESMA issues statement on deprioritising supervisory actions on clearing for pension schemes while EMIR changes finalised

ESMA issues statement on deprioritising supervisory actions on clearing for pension schemes while EMIR changes finalised

The European Securities and Markets Authority has published a statement on deprioritising supervisory actions linked to pension schemes’ clearing obligations pending the finalisation of the EMIR review.

United Kingdom | Publication | April 15, 2024
Pension Protection Fund publishes blog on supporting overfunded schemes and Clara takes over the Debenhams scheme

Pension Protection Fund publishes blog on supporting overfunded schemes and Clara takes over the Debenhams scheme

The PPF has published a blog sharing its experience of working with overfunded schemes (that is, on a PPF basis) that enter the PPF’s assessment period and how it is helping them to achieve the best possible outcomes for members.

United Kingdom | Publication | March 27, 2024


Recent publications

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Publication

Essential Corporate News – Week ending 11 July 2025

On 1 July 2025, the Quoted Companies Alliance (QCA) published three new board committee guides to accompany the QCA Environmental and Social Guide published in December 2024.

United Kingdom | July 11, 2025

Corporate, M&A and securities
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Publication

Climate change litigation update

In the two years since our last climate litigation update, the prevalence and variety of global climate litigation around the world has continued to increase.

Australia | July 11, 2025

Climate change and sustainability
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Publication

L’AMF propose un encadrement pour l’usage de l’IA dans les services financiers : quelles obligations pour les institutions financières?

Selon un rapport conjoint du Bureau du surintendant des institutions financières (BSIF) et de l’Agence de la consommation en matière financière du Canada (ACFC), environ 70 % des institutions financières fédérales prévoient utiliser l’IA d’ici 2026 .

Canada | Le 10 juillet 2025

Financial services and regulation
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