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

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
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
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
Virgin Media case: Further joint statement issued by industry working group

Virgin Media case: Further joint statement issued by industry working group

On December 17, 2024, a further joint statement was published about the potential impact of the Court of Appeal decision in the Virgin Media case which stated that certain contracted-out pension rights encompassed those relating to future service as well as past service.

United Kingdom | Publication | January 14, 2025
DB scheme funding: Pensions Regulator publishes updated employer covenant guidance

DB scheme funding: Pensions Regulator publishes updated employer covenant guidance

The new DB scheme funding code came into force on November 12, 2024, and the Regulator has now published the final part of the new funding regime framework: updated employer covenant guidance for trustees.

United Kingdom | Publication | December 19, 2024
PPF confirms final 2025/26 levy determination to be published January 2025

PPF confirms final 2025/26 levy determination to be published January 2025

The Pension Protection Fund has confirmed that it is delaying the finalisation of the 2025/26 levy determination until the end of January 2025 to provide greater flexibility in setting the levy amount.

United Kingdom | Publication | December 19, 2024
Dashboards update: webinars hosted by Pensions Regulator and Money and Pensions Service

Dashboards update: webinars hosted by Pensions Regulator and Money and Pensions Service

The Regulator has provided a link to its dashboard webinar held on November 26, 2024, which it urges scheme trustees to watch. The Money and Pensions Service also collaborated with the Pensions Dashboard Programme to host a “town hall” dashboard event on December 2, 2024.

United Kingdom | Publication | December 19, 2024
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


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

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