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Financial Reporting Council to develop technical guidance for scheme actuaries on Virgin Media remedy
United Kingdom | Publication | octobre 2025
The Financial Reporting Council has published a press release confirming that it will develop technical guidance for scheme actuaries in confirming historic pension scheme amendments using the Virgin Media remedy set out in the Pension Schemes Bill 2025.
The new provisions in the Bill allow the retrospective validation of certain "potentially remediable alterations" to the rules of a former contracted-out DB scheme where certain conditions are met. One such condition is that the scheme actuary has confirmed in writing that, in their opinion, it is reasonable to conclude that, on the assumption it was validly made, the alteration would not have prevented the scheme from continuing to satisfy the statutory reference scheme standard.
The Council will work with actuarial professional organisations to develop the guidance, which will be made available when the legislation comes into force.
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