Scottish pensions

Scottish pensions compared with the rest of the UK

There are relatively few differences in the general structure of pension schemes in Scotland, as compared with the rest of the UK.

As in England, the vast majority of final salary occupational pension schemes in Scotland are:

  1. set up under trust and governed by a trust deed and rules, which are amended over the years as legislation and benefit provision change. In most cases, amendments were, in the past, carried out by administrators and providers. However the increasing complexity and burden of pensions legislation and regulation has seen this kind of work transferred over the years to specialist pensions lawyers

  2. subject to volatility and high costs. This has led to the widespread closure of defined benefit schemes across Scotland, and much of the work carried out day-to-day by pensions lawyers working on Scottish schemes would be familiar to those who work solely on English schemes, with an increased focus on liability reduction and de-risking initiatives. Sadly, the continued squeeze on employers has resulted in a significant amount of financial distress for both employers and schemes which, in many cases, has

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Minister for Pensions hosts roundtable on ‘Pound for Pound’ initiative in shift from cost to Value for Money

The Minister for Pensions, Torsten Bell MP, has hosted a roundtable with regulators and leading pension providers to support a joined-up approach to Value for Money (VFM) in pensions. The event marked the first public discussion of the ‘Pound for Pound’ (‘£4£’) initiative, aimed at shifting the UK market from cost-based comparisons to broader value-based metrics, shifting market conversations away from cost towards value. This shift is essential for the success of the government’s proposed approach set out in the Pension Schemes Bill 2025. Insights from Australia’s superannuation system were central to the session, highlighting how clear benchmarking, transparency and regulatory oversight have transformed both member outcomes and the understanding of value in Australia. Intended to inform the impending regulatory consultation on VFM metrics, the superannuation system formed a key reference point as the discussion explored how lessons from Australia and insights from providers could shape regulatory thinking and support the development of the Pension Schemes Bill. Roundtable participants including the Department for Work and Pension, the Financial Conduct Authority, Pensions UK and a number of the Mansion House Accord signatories, agreed that now is the time for government, regulators and industry to collaborate in shaping and embedding a robust, fit-for-purpose VFM regime.

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