Pensions UK has welcomed the government’s decision to revive the Pensions Commission, which has been relaunched to examine the barriers preventing adequate retirement savings resulting in poor retirement outcomes. Pensions UK says the new Commission has the potential to help millions of people achieve a more secure retirement and is assisting the Commission in carrying out research on how greater flexibility in automatic enrolment could improve outcomes. Pensions UK expressed optimism that the pensions commission will make meaningful progress towards creating a pension system that is adequate, affordable and fair, and confirmed that it stands ready to contribute its expertise to the Commission’s review panel.

Pensions UK has published its 2026 stewardship and voting guidelines, which set out strengthened expectations to protect and enhance long-term value in a complex investment climate. The guidelines, developed in response to increased geopolitical uncertainty, intensifying ESG scrutiny, and diminished shareholder rights, address recent market trends including a surge in AI-related resolutions, rising cybersecurity incidents, and revised UK listing rules affecting voting rights. The updated framework provides enhanced guidance on AI, cybersecurity, governance, climate and sustainability, social factors, and EDI, and introduces a pass-through voting option for direct shareholder rights. Complementary initiatives, such as a standardised vote reporting template and support for the Governance for Growth Investor Campaign, underscore the commitment to resilient and evidence-based stewardship in a rapidly evolving landscape.

Contributed by Peter Westaway of Deloitte LLP and reviewed by Martin Hooper of Howden Group THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED BENEFIT SCHEMES Pensions accounting can be complex, especially in group arrangements where a number of entities participate in a scheme. The purpose of this Practice Note is to discuss, at a high level, pensions accounting for UK employers and schemes. Company reporting frameworks In the UK, companies will report under one of the following frameworks: • International Financial Reporting Standards (IFRS), where International Accounting Standard 19 (IAS 19) governs employers’ accounting for defined benefit pensions • FRS 101—the Reduced Disclosure Framework (reflecting IFRS recognition and measurement but with reduced disclosure requirements) • FRS 102—the Financial Reporting Standard applicable in the UK and Republic of Ireland, where Section 28 governs the accounting for defined benefit pensions, and • FRS 105—the Financial Reporting Standard applicable to the Micro-entities Regime, where Section 23 governs the accounting for defined benefit pensions The requirements of IFRS and FRS 102 have

Association previously known as the National Association of Pension Funds (NAPF). It represents trustees, sponsors and members of pension funds.

Previously known as the National Association of Pension Funds (NAPF), the main trade organisation of the UK occupational pensions industry, with a focus on corporate governance issues and the development of institutional voting guidelines for its members.

This guide is primarily aimed at trainees, newly qualified lawyers and other persons who are new to or unfamiliar with pensions law. Types of commercial transactions In essence, there are two broad categories of commercial transactions. These are: • shares purchases or share sales, ie transactions involving the acquisition of the shares of a target company (or a number of target companies). For an overview, see: Share sales and pensions—overview, and Practice Note: Pensions and share sales—beginners’ guide • business purchases or business sales, ie transactions leading to the acquisition of businesses operated by sellers (in which case, the buyers will not be acquiring the actual companies operating the target businesses within the sellers’ groups) and any employees employed within the target businesses will themselves be transferred into the employment of the buyers by operation of the Transfer of Undertakings (Protection of Employment) Regulations 2006 (the TUPE Regulations), SI 2006/246. These transfers are commonly referred to as TUPE transfers. For an overview, see: Business sales / TUPE and pensions—overview Pension

This guide is primarily aimed at trainees, newly qualified lawyers and other persons who are new to or unfamiliar with pensions law. This guide discusses discrimination primarily in the context of occupational pension schemes. This guide contains references to case law of the Court of Justice of the European Union. For guidance on whether EU judgments are binding on UK courts, see Practice Note: Assimilated law — Assimilated case law. Development of anti-discrimination law in the pensions arena Illegal discrimination of various types has posed major legal and administrative issues within the arena of occupational pension schemes for decades. Perhaps the most famous development was the landmark ruling of the European Court of Justice (ECJ) in the Barber case made on 17 May 1990 (one of the most famous dates in UK pensions law history), which concerned benefits under occupational pension schemes falling within the EU equal-pay principle. The ECJ declared that such pensions constitute a form of deferred pay, and that consequently the operation of schemes on the basis of unequal terms

This Practice Note provides a high-level summary of pension sharing orders on divorce in Scotland as they relate to defined benefit pension schemes. It is not intended to cover every aspect of the pension sharing regime. The key legislation and regulations applicable to pensions and divorce in Scotland are: • the Family Law (Scotland) Act 1985 (FL(S)A 1985) • Part IV of the Welfare Reform and Pensions Act 1999 (WRPA 1999), and • the Pensions on Divorce etc (Pension Sharing) (Scotland) Regulations 2000, SI 2000/1051 However, there are also several other regulations which are relevant, some of which are referred to within this Practice Note. On divorce of marriage or dissolution of civil partnership, a pension can represent part of the assets that make up the matrimonial property. The court can make an order to redistribute the pension between the parties to the marriage or civil partnership, or the parties can come to an agreement between

This guide is primarily aimed at trainees, newly qualified lawyers and other persons who are new to or unfamiliar with pensions law. This beginners’ guide considers issues of pensions law and practice that can arise in the event of the insolvency (or prospective insolvency) of employers sponsoring defined benefit (DB) and hybrid occupational pension schemes. Pension Protection Fund (PPF) The PPF is designed to provide support for members of (eligible) underfunded DB pension schemes where sponsoring employers suffer qualifying insolvency events. The legislative framework for the PPF can be found primarily in: • sections 107–220 of the Pensions Act 2004 (PeA 2004) and PeA 2004, Sch 7 • the Pension Protection Fund (Entry Rules) Regulations 2005 (the Entry Regulations), SI 2005/590, and • the Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (the Modification Regulations), SI 2005/441 Eligibility and entry The requirements for a scheme to enter the PFF are as follows: • the scheme must be an eligible scheme • a ‘qualifying insolvency event’ (see below) must occur in relation to a scheme employer • the

Law360: The government is likely to focus this year on how best to free up capital for investment in UK equities—and it will forge ahead with several reforms that could have a seismic effect on the insurance and pensions sectors.

This Practice Note sets out the pension options in relation to judicial separation or separation proceedings, in which pension sharing is not available. It outlines pension attachment orders and offsetting as well as other potential solutions to protect pension interests and procedure, valuation, appeals and the effect of remarriage or forming a subsequent civil partnership. On proceedings for (judicial) separation the court has the power to redistribute the benefits derived from pension resources between the parties by: • making one or more pension attachment orders, and/or • offsetting the value of pension resources against the value of other assets held between the parties See also Practice Note: General principles—pensions in family proceedings—Options available. Pension sharing is not available in (judicial) separation proceedings, only in an application for an order of divorce, dissolution or nullity. The parties will legally remain spouses/civil partners once the separation proceedings have concluded—see also Practice Notes: Commencing and filing an application for a divorce, dissolution or judicial separation order (post-DDSA 2020), Grounds for judicial separation (pre-DDSA 2020)

Membership of an occupational or personal pension scheme affords the opportunity to utilise the tax reliefs available during an individual’s working life to save for a pension on retirement. This Practice Note looks in broad terms at the main features where opportunities exist for pension scheme members to maximise the tax reliefs available to enhance their retirement benefits. These features include pensionable earnings, personal contributions and their impact on the annual allowance. The Practice Note also mentions, where appropriate, certain traps to avoid. It should be noted that previous commentaries on these topics would have included references to the lifetime allowance charge and the lifetime allowance; the lifetime allowance charge was abolished with effect on and from 6 April 2023 and the lifetime allowance itself was abolished with effect on and from 6 April 2024. Further information can be found at PTM164100 - Information and administration: overview of the information requirements in respect of the lifetime allowance. Pensionable earnings For both employers and individuals to obtain tax relief on