Law360: The Pensions Regulator (TPR) said it is in talks with the government on formally extending its remit to encompass pension scheme administrators.

The Pensions Regulator (TPR) has published a market oversight report assessing how well pension schemes have prepared for leveraged Liability Driven Investment (LDI) risk and the steps they have made to improve operational resiliency. Building on TPR’s guidance from April 2023, which was informed by the gilt market disruption of late 2022, the report explains that the size and duration of LDI exposures have materially reduced since the historic lows at the end of 2021. This reduction, alongside regulatory-led improvements, has resulted in smaller day-to-day fluctuations in LDI value and generally lower leverage. The report highlights significant progress in operational resiliency across the LDI market including increased interest rate buffers, strengthened recapitalisation processes and a heightened focus on liquidity helping to ensure that pension schemes can meet collateral calls swiftly. Many schemes are now operating pre-agreed asset sale plans to manage cash calls more effectively, including delegating authority to third parties, supporting effective oversight.

Law360: The Pensions Regulator (TPR) published on 4 December 2024 long-awaited guidance for how trustees can assess the strength of the financial commitment of an employer to a defined benefit (DB) pension scheme.

Law360: The Pensions Regulator (TPR) published the long awaited general code of practice designed to drive up governance standards for trustees of pension schemes on 10 January 2024. The new general code has been laid before Parliament and is expected to come into force on 27 March 2024.

Law360: The Pensions Regulator (TPR) published its digital, data and technology strategy on 22 October 2024 with the intent to modernise its operations and encourage similar changes within the pensions industry, including reducing administrative burdens for pension schemes and improving competition.

Pensions analysis: On 29 July 2024 the Pensions Regulator (TPR) published the final draft of the much-anticipated defined benefit (DB) funding code of practice (the draft Code) which is intended for scheme valuations with effective dates on or after 22 September 2024, replacing the existing code. The final draft Code is designed to reflect the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024, SI 2024/462 (the Regulations) which came into force on 6 April 2024 (which apply to valuations with effective dates on or after 22 September 2024). Following consultation feedback, the draft Code has been revised to strike a balance between setting clear and unequivocal funding standards and maintaining flexibility in respect of scheme specific approaches. Rowena Wisniewska Sethi, barrister, 4-5 Gray’s Inn Square, considers the final draft Code and its implications for DB schemes.

At the hearing of the Work and Pensions Committee inquiry into the work of the Department for Work and Pensions held on 16 July 2025, Liz Kendall, Secretary of State at the Department for Work and Pensions,  confirmed that the government is set to publish more details about the next phase of the Pensions Review before the summer recess, scheduled for Tuesday 22 July. Phase 2 of the Pensions Review is expected to focus on the adequacy of retirement savings and the expansion of automatic enrolment. While the Secretary of State acknowledged the success of auto-enrolment, she informed the inquiry of her serious concerns about the adequacy of pension savings and that tomorrow’s pensioners risk being poorer than those of today.

The House of Lords Grand Committee (Grand Committee) opened its detailed scrutiny of the Pension Schemes Bill on 12 January 2026. Day 1 of the Grand Committee’s examination began on Chapter 1 of the Bill on the Local Government Pension Scheme (LGPS) and in particular Clauses 1 (Asset pool companies) and 2 (Asset management). Ultimately, all amendments debated on 12 January were withdrawn, and Clauses 1 and 2 were agreed without change. However, the debate raised significant cross-party concern about the breadth of ministerial powers, the heavy reliance on delegated legislation, the protection of fiduciary duty and the extent of ministerial influence over pension investment. On 14 January 2026, the Grand Committee continued its focus on the provisions of Chapter 1 of the Pension Schemes Bill when it agreed Clauses 6 (Mergers of funds), 7 (Amendments of 2013 Act relating to scheme regulations) and 8 (Interpretation of Chapter 1). Again, agreement was reached despite extensive debate highlighting concerns over compulsory mergers, funding positions, contribution prudence and employer affordability, surplus management, transparency, and the impact of local government reorganisation. The government peers maintained that existing statutory, actuarial and governance frameworks are sufficient and that further changes should be considered through consultation rather than primary legislation. The Grand Committee is currently scheduled to sit again on 19, 22 and 26 January 2026 when further detailed examination of the Pension Schemes Bill will continue.

HMRC has published Pensions Schemes Newsletter 171 — July 2025. The newsletter details several updates of relevance to practitioners.

Pensions UK has published findings from its latest report titled ‘2030 Ready: The Industry Lens’, ahead of its Annual Conference, revealing members’ expectations for the changes, challenges, and opportunities that will shape the pensions industry by the 2030s. The report shows that 44% of members expect very significant change in the pensions sector by 2035, while 77% remain confident that the industry will successfully adapt to demographic and economic trends. The survey identified retirement adequacy as the greatest challenge—74% of respondents believe inadequate outcomes for defined contribution (DC) savers will be the biggest concern in the 2030s, with experts anticipating longer working lives and growing reliance on DC over defined benefit (DB) schemes. Other key challenges include State Pension sustainability, the future of the Triple Lock, and declining confidence among younger generations regarding long-term State Pension availability.

Pensions UK has submitted a Budget submission to the Chancellor outlining five principles for pensions taxation reform, warning that tactical changes to address short-term fiscal concerns threaten to erode trust in the retirement savings system. The organisation's submission recognises the Government's focus on increasing revenue but advocates for the Pensions Commission to create a long-term plan rather than making immediate reforms. Financial Conduct Authority (FCA) data cited in the submission shows UK pension savers withdrew a record £18.08bn in tax-free lump sums during the 2024/25 financial year, representing a 61% increase on the previous year, with withdrawals in the six months to March 2025 reaching £10.4bn. The organisation warns that speculation about changes to tax-free pension lump sum allowances has triggered dramatic surges in pension withdrawals, which could reduce pension fund capacity to invest in growth assets. Should the Government move forward with reform, it is essential that it draws on the insights set out in Pensions UK’s “Five Principles for Pensions Taxation” and consults widely to prevent unintended outcomes. These principles advocate a system that is adequate, fair, simple, sustainable, and supports positive saving behaviour—a foundation for a more stable and trusted pensions framework.

Pensions UK has announced that, together with the Federation of Small Businesses (FSB), it has sent a joint letter to the Chancellor urging the government not to proceed with any changes to salary sacrifice arrangements or wider pensions tax relief in the forthcoming Budget. The organisations warn that speculation about possible reforms is already eroding saver confidence, prompting unnecessary early withdrawals and creating uncertainty for pension schemes and employers.