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 finalised Fast Track submission tests and conditions for DB schemes

Regulator publishes finalised Fast Track submission tests and conditions for DB schemes

On November 21, 2024, the Pensions Regulator published the final version of Fast Track submission tests and conditions, which require the scheme's low dependency funding basis to follow the principles set out in the DB funding code.

United Kingdom | Publication | December 04, 2024
PPF confirms new bespoke discount rate option in section 143 valuation assumptions for smaller schemes

PPF confirms new bespoke discount rate option in section 143 valuation assumptions for smaller schemes

On October 29, 2024, the PPF published a response to its March 2024 consultation, confirming that it would proceed with its proposal to give actuaries the option of using a bespoke discount rate assumption in s. 143 valuations of smaller pension schemes.

United Kingdom | Publication | November 20, 2024
DB scheme funding: Regulator's new DB funding code of practice comes into force

DB scheme funding: Regulator's new DB funding code of practice comes into force

The DB Funding Code has been brought into force with effect from November 12, 2024. The Code brings together guidance on the pre-existing valuation and funding regime with guidance on the new longer-term funding and investment strategy regime.

United Kingdom | Publication | November 20, 2024
PPF consults on 2025/26 levy

PPF consults on 2025/26 levy

On September 12, 2024, the Pension Protection Fund published its 2025/26 levy consultation. The consultation runs until October 23, 2024.

United Kingdom | Publication | September 26, 2024
Update on the Virgin Media decision

Update on the Virgin Media decision

We reported in July 2024 that the Court of Appeal had upheld the High Court decision in the Virgin Media case. This means all amendments to contracted-out DB schemes between April 6, 1997, and April 5, 2013, do need written actuarial confirmation that the reference scheme test continues to be satisfied, as required by section 37 of the Pension Schemes Act 1993.

United Kingdom | Publication | September 26, 2024
PDP updates draft code of connection

PDP updates draft code of connection

The Pensions Dashboards Programme has published version 1.1 of its draft code of connection which sets out how pension providers and schemes are to connect to the dashboards ecosystem, and what they need to do to remain connected.

United Kingdom | Publication | September 09, 2024
Pensions Regulator promises a “reasonable approach” as DB funding code now laid before Parliament

Pensions Regulator promises a “reasonable approach” as DB funding code now laid before Parliament

The Regulator’s finalised draft of the DB funding code is the final piece of the jigsaw in the new funding and investment strategy regime. After much delay the new code was laid before Parliament on July 29, 2024.

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
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


Contacts

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

Recent publications

London skyscrapers

Publication

Essential Corporate News – Week ending 13 December 2024

On 10 December 2024, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 were laid before Parliament, together with an Explanatory Memorandum.

United Kingdom | December 12, 2024

Corporate, M&A and securities
London skyscrapers

Publication

Essential Corporate News – Week ending 6 December 2024

On 28 November 2024, the Financial Conduct Authority (FCA) published CP24/2, Part 2 in relation to its controversial ‘name and shame’ proposals, having trailed this in oral evidence before the House of Lords Financial Services Regulation Committee earlier in November.

United Kingdom | December 06, 2024

Corporate, M&A and securities
Large shipping vessel with containers

Publication

Can a charterer procure the release of a laden vessel arrested by a mortgagee bank?

As previously observed, conflicts occasionally arise between mortgagees and charterers where a mortgagee wishes to take prompt action to enforce its rights, but the charterer wishes such enforcement action to be deferred until the end of the charter.

Global | December 05, 2024

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