Q&As

Q&As

These Q&As seek to briefly address common questions faced when dealing with pension law matters.

The Q&As supplement and link to other more detailed practical guidance content, but are intentionally short. It is anticipated that a brief Q&A will be most helpful when you need a quick overview of an issue and its likely impact. This might arise, for

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Latest Pensions News

TPR’s Statement of Strategy—a new regulatory era begins

Pensions analysis: The Pensions Regulator’s (TPR) response to its Statement of Strategy (SoS) consultation, and the related launch of its new digital submit a valuation service marks a key development in the implementation of the new funding regime for private sector defined benefit (DB) pension schemes. Under the new regime, trustees are required to submit a SoS at each valuation, detailing both their long-term strategy and supplementary matters including how risks have been assessed and are being managed. TPR’s consultation sought to gather feedback on the proposed format and data requirements for this submission. Following industry concerns regarding the burden placed on schemes, TPR has introduced several easements. However, the SoS remains a substantial undertaking, that will require schemes to plan for at an early stage in their valuation processes. Mark Tinsley is a principal and senior consulting actuary at Barnett Waddingham who advises trustees of DB pension schemes.

From stalemate to statute—the Data (Use and Access) Act’s journey and the key data protection and ePrivacy changes

Information Law analysis: This News Analysis considers the key changes to data protection and ePrivacy law which will come about as a result of the Data (Use and Access) Act 2025, which received royal assent in June 2025, and how organisations should prepare for such changes. Written by Bryony Long, partner and co-head, and Zahra Laher, knowledge lawyer, at Lewis Silkin.

FCA publishes multi-firm review findings of life insurers' pension transfer process

The Financial Conduct Authority (FCA) has published findings from its multi-firm review of life insurers' pension transfer process. The review, covering 18 firms managing 80% of individual personal pension policies, highlights how firms manage and monitor transfers and the challenges they face in delivering good customer outcomes. The FCA noted examples of good practice, including the use of digital platforms, improved customer communications and regular process reviews. It intends to follow up with firms where delays were identified and continues to work with industry to improve transparency, empower consumers and ensure firms meet evolving market demands.

TPR acts against trustees over ERI breaches involving prohibited loans and loss of scheme funds

The Pensions Regulator (TPR) has published a report under section 89 of the Pensions Act 2004 which underscores the serious consequences trustees face when breaching employer-related investment (ERI) rules. The report details enforcement action taken against two former trustees of the Worthington Employee Pension Top-Up Scheme (the Scheme) - a money purchase trust-based occupational scheme established in 2006 - following the discovery of prohibited employer-related loans made using Scheme funds. Stephen Smith, one of the trustees, received a suspended ten-month prison sentence after admitting to making five unlawful loans to entities connected to the scheme’s sponsoring employer, Marcus Worthington and Company Ltd. In addition to the suspended sentence, Mr Smith was ordered to complete 150 hours of community service and pay £1,000 in prosecution costs. In January 2023, TPR also imposed a £29,000 regulatory penalty on the second trustee, John Marcus Worthington, under section 10 of the Pensions Act 1995 for six ERI breaches. Although TPR had considered criminal prosecution, it concluded that the public interest test was not met due to Mr Worthington’s personal circumstances.