Publication
Regulatory investigations and enforcement: Key developments
The past six months have seen a number of key changes in the regulatory investigations and enforcement space.
Regulator publishes annual report on overview of DB and hybrid schemes
United Kingdom | Publication | March 2024
On February 20, 2024, the Regulator published its annual report providing an overview of the occupational DB and hybrid pension scheme landscape in the UK.
The report covers scheme status, membership levels and assets under management. The key findings are that the DB and hybrid landscape continues to shrink at a consistent rate and scheme funding levels have improved since 2022. However, updated methodology means that data in this publication cannot be meaningfully compared with previous years.
According to the report, the total number of DB and hybrid schemes has reduced by two per cent from 5,378 in 2022 to 5,297. For schemes within the landscape, the percentage closed to future accrual (excluding those in wind-up) has risen from 70 per cent to 72 per cent. In addition, the number of schemes with 100 per cent or greater technical provisions funding levels increased from 2,565 to 3,620 and the total deficit (of schemes in deficit) reduced from £63.610bn to £27.673bn.
Following the announcement in 2023 of the proposed Mansion House reforms, a consultation is awaited on how schemes might generate and use surpluses investing more in productive assets.
Partner
Email
lesley.browning@nortonrosefulbright.com
Recent publications
Publication
Pensions Ombudsman rejects claim for scam compensation when trustees had no duty of due diligence
In a recent determination, the Ombudsman rejected a scheme member’s claim that the trustees should have conducted due diligence on the receiving scheme before making a transfer in in 2014, as there was no duty of care on the trustees at the time of transfer.
Publication
Court of Appeal clarifies rules on compensation for "non-material" damage in data protection breaches
The Court of Appeal has confirmed that proof of disclosure to third parties is not required for data protection law breaches and that individuals’ rights are breached by unlawful “processing” alone.
Subscribe and stay up to date with the latest legal news, information and events . . .