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

Court of Appeal agrees with High Court that proviso in BBC pension scheme amendment power protects changes to future service benefits

Court of Appeal agrees with High Court that proviso in BBC pension scheme amendment power protects changes to future service benefits

In a judgment handed down on July 9, 2024, the Court of Appeal has upheld the earlier decision in BBC v BBC Pension Trust [2024] that “interests” of active members includes future service benefits as well as rights earned by past service.

United Kingdom | Publication | July 29, 2024
Court of Appeal upholds High Court decision in Virgin Media’s appeal

Court of Appeal upholds High Court decision in Virgin Media’s appeal

The Court of Appeal has ruled that all rule amendments to contracted-out DB schemes between 1997 and 2013 do need written actuarial confirmation that the reference scheme test continues to be satisfied.

United Kingdom | Publication | July 29, 2024
King’s Speech unveils new Pensions Bill

King’s Speech unveils new Pensions Bill

At the state opening of Parliament on July 17, 2024, the King’s Speech set out the new Government’s intention to introduce a Bill legislating on several areas of pension policy.

United Kingdom | Publication | July 29, 2024
Government launches widescale review of UK pensions industry

Government launches widescale review of UK pensions industry

A new review of the UK pension system aims "to boost investment, increase pension pots and tackle waste in the pensions system". As promised in their manifesto, on July 20, 2024, Rachel Reeves, the new Chancellor of the Exchequer, announced the “big bang on growth” to boost investment and savings. The review is to be led by the new joint Treasury and Department for Work and Pensions Minister, Emma Reynolds MP.

United Kingdom | Publication | July 29, 2024
DB scheme funding: funding and investment strategy regulations now in force

DB scheme funding: funding and investment strategy regulations now in force

On April 6, 2024, the new DB scheme funding regulations came into force, setting out the revised DB funding framework which includes the requirement for schemes to have a funding and investment strategy.

United Kingdom | Publication | April 15, 2024
ESMA issues statement on deprioritising supervisory actions on clearing for pension schemes while EMIR changes finalised

ESMA issues statement on deprioritising supervisory actions on clearing for pension schemes while EMIR changes finalised

The European Securities and Markets Authority has published a statement on deprioritising supervisory actions linked to pension schemes’ clearing obligations pending the finalisation of the EMIR review.

United Kingdom | Publication | April 15, 2024
Pension Protection Fund publishes blog on supporting overfunded schemes and Clara takes over the Debenhams scheme

Pension Protection Fund publishes blog on supporting overfunded schemes and Clara takes over the Debenhams scheme

The PPF has published a blog sharing its experience of working with overfunded schemes (that is, on a PPF basis) that enter the PPF’s assessment period and how it is helping them to achieve the best possible outcomes for members.

United Kingdom | Publication | March 27, 2024
UK Pensions Briefing: The final Funding and Investment Strategy Regulations – what has changed?

UK Pensions Briefing: The final Funding and Investment Strategy Regulations – what has changed?

After a long wait, the final version of the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024 was laid before Parliament on January 29, 2024.

United Kingdom | Publication | February 22, 2024
PPF publishes latest version of The Purple Book

PPF publishes latest version of The Purple Book

The PPF has published the 18th edition of The Purple Book, which provides data and analysis of the UK DB pension landscape.

United Kingdom | Publication | December 18, 2023


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