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

Updated TPR guidance on Regulated Apportionment Arrangements

Updated TPR guidance on Regulated Apportionment Arrangements

The Pensions Regulator (TPR) has published an update to its guidance on Regulated Apportionment Arrangements (RAAs), replacing its earlier guidance published in 2010 and its subsequent 2017 ‘quick guide’.

United Kingdom | Publication | October 11, 2023
UK Pensions Briefing | Pensions issues for lenders to UK companies

UK Pensions Briefing | Pensions issues for lenders to UK companies

There are three main categories of pension provision in the UK: state pension provision, personal pension schemes and occupational pension schemes. The type of pension scheme that can raise issues for lenders is the “occupational pension scheme”.

United Kingdom | Publication | September 21, 2023
PPF publishes consultation on 2024/25 levy rules

PPF publishes consultation on 2024/25 levy rules

On September 11, 2023, the PPF published its consultation on the 2024/25 levy rules. Owing to the PPF’s “very strong financial position”, the consultation reveals reduction of around 50 per cent from the 2023/24 year to £100m of the levy estimate in 2024/25.

United Kingdom | Publication | September 14, 2023
High Court approves trustee decision to issue petitions to wind up scheme's sponsoring employers

High Court approves trustee decision to issue petitions to wind up scheme's sponsoring employers

In Brass Trustees Ltd v Goldstone, the High Court has approved a decision in January 2023 by the Biwater DB scheme trustee to issue petitions to wind up the scheme's sponsoring employers. The scheme's deficit was estimated to be £28.3m as at December 31, 2022.

United Kingdom | Publication | August 29, 2023
Pensions Regulator succeeds in imposing contribution notice on individual

Pensions Regulator succeeds in imposing contribution notice on individual

The Upper Tribunal (Tax and Chancery Chamber) has rejected a reference by the target of a contribution notice against a decision of the Regulator's Determinations Panel which had found that the target and his nephew had been party to a series of financial transactions that had caused material detriment to a group pension scheme.

United Kingdom | Publication | August 29, 2023
UK Pensions Briefing | Update on the implications of the Virgin Media case – where are we now?

UK Pensions Briefing | Update on the implications of the Virgin Media case – where are we now?

On July 20, 2023, Virgin Media was granted permission to lodge an appeal, but it could be many months before an appeal is heard.

United Kingdom | Publication | August 18, 2023
Pensions Regulator publishes annual report and accounts for 2022/23 - an “action packed” year

Pensions Regulator publishes annual report and accounts for 2022/23 - an “action packed” year

On July 13, 2023, the Regulator published its annual report and accounts for 2022 to 2023, revealing that it met, or almost met, 19 out of 23 of its key performance indicators.

United Kingdom | Publication | July 26, 2023
Pension Protection Fund publishes annual report and accounts for 2022/23

Pension Protection Fund publishes annual report and accounts for 2022/23

On July 14, 2023, the PPF published its annual report and accounts for 2022/23. According to the report, the PPF's funding ratio increased significantly to 156.0 per cent, up from 137.9 per cent in 2022.

United Kingdom | Publication | July 26, 2023
Virgin Media Ltd v NTL Pension Trustees II Limited [2023]: High Court judgment potentially problematic for contracted-out DB schemes

Virgin Media Ltd v NTL Pension Trustees II Limited [2023]: High Court judgment potentially problematic for contracted-out DB schemes

This judgment, which confirms that certain rules of a contracted-out scheme cannot be altered without the statutory actuarial confirmation having been obtained and that non-compliant alterations are void, is potentially impactful.

United Kingdom | Publication | June 29, 2023


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