Law360: The government has announced that a new working group has been set up to develop statutory guidance to support retirement scheme trustees in their investment decision-making.

Law360, The main themes in 2025 for the insurance and pensions sectors will be consolidation and government priorities for greater investment in the economy—although potential legal and systemic risks loom.

PensionsEurope sent a letter to the US Senate on 16 June 2025 expressing concerns about section 899 of the One Big Beautiful Bill Act. This follows the approval of the Bill by the US House of Representatives on 22 May 2025. This section, which will be added to the US Internal Revenue Code, aims to raise net income and withholding tax rates on US-source income earned by non-US individuals classified as ‘applicable persons’—a group that includes pension funds. As this change poses significant risks to European pension funds’ investments in the US, and with the US Senate scheduled to vote on the Bill on 23 June 2025, PensionsEurope is actively collaborating with the World Pension Alliance and other workplace pension organisations to address the issue.

HMRC has published Pensions schemes newsletter 161 for August 2024. The newsletter includes various updates concerning the lifetime allowance (LTA) abolition legislation, the pension flexibility data, details on the managing pension schemes service and details on migrating retirement annuity contracts and deferred annuity contracts.

This Practice Note sets out the procedure to be followed when applying for a pension sharing order or a pension attachment order within family proceedings including the form of application, information required in relation to the pension scheme, steps to be taken during the proceedings, drafting the order, and steps to effect implementation. It also details the requirements for the use of Form P1 or Form P2. An application for pension provision should be made in Form A under the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, most likely alongside an application for other financial orders. The fast-track (shortened) financial remedy procedure does not apply. See also Practice Note: Issuing financial proceedings in Form A (standard procedure). If a pension order is sought following an overseas divorce/dissolution, separation or nullity order, an application for permission must first be made in Form D50E. If permission is granted, the substantive application is made in Form D50F. Because it is an application for a financial remedy, FPR 2010, SI 2010/2955, Pt 9 will apply, see Practice

Payment into pension schemes registered with Her Majesty's Revenue and Customs (HMRC) has significant tax advantages for both employers and employees: employees obtain income tax relief on their contributions and employers obtain corporation tax relief. Pension schemes are also a way of attracting and retaining employees. This Practice Note provides an overview of some of the key pensions issues that an employment lawyer will typically encounter and signposts more detailed content that is available. It is not intended to provide a comprehensive analysis of the legal and practice issues. It covers the nature of pensions as deferred pay, relevant European legislation, the auto-enrolment duty, and types of pension schemes: occupational, final salary (aka defined benefit), money-purchase (aka defined contribution/DC), collective defined contribution and hybrid. Additional voluntary contributions (AVCs), purchasing extra years, small self-administered schemes (SSASs), personal pension plans, group personal pensions, stakeholder schemes and master trusts are explained. This Practice Note also covers the tax treatment of pension schemes registered with HMRC, employers’ obligations in relation to pensions, powers and duties of pension scheme trustees,

A-day 'A-day' is the commonly used name regarding wide-ranging pension 'simplification' tax changes that took effect from 6 April 2006. Key changes related to: the amount of pension contributions permitted, the range of schemes an individual could invest in, the amount an individual could take out (and when) and what an individual could do with the remainder of the fund. A-day introduced both the annual and (now abolished) lifetime allowance rules, see: Annual allowance and Lifetime allowance. AFPS Armed forces pension scheme, see Practice Note: Public sector pensions and family proceedings. Accrual rate The rate at which pension benefit increases as pensionable service is completed in a final salary scheme, eg 1/60 for each year of pensionable service. Accrued benefits The benefits in respect of service accrued up to a certain date. Added years The provision of additional pension by adding on additional years of pensionable service in a salary-related scheme. Additional years are added by transfer payments or additional voluntary contributions/augmentation. Additional state pension (ASP) Originally known as SERPS (state earnings-related

Accrual rate The rate at which pension benefit increases as pensionable service is completed in a final salary scheme, eg 1/60 for each year of pensionable service. Accrued benefits The benefits in respect of service accrued up to a certain date calculated in light of current earnings or projected future earnings. A-day 'A-day' is the commonly used name regarding wide-ranging pension 'simplification' tax changes that took effect from 6 April 2006. The changes followed a policy announced in 2004 by the government to rationalise the British tax system as applied to pension schemes. The aim of the changes was to reduce the range of legislation built-up by successive administrations, simplifying the previous eight tax regimes into one single regime for all individual and occupational pensions. Key changes related to: the amount of pension contributions permitted, the range of schemes an individual could invest in, the amount an individual could take out (and when) and what an individual could do with the remainder of the fund. A-Day introduced both the annual and lifetime allowance

This Practice Note is a horizon scanner tracking key future developments in the field of pensions law in England and Wales. It provides details of key dates for your diary (including forecasted dates where the actual date is unknown) and relevant commentary in relation to: • Pension Schemes Act 2026 • Other Acts not in force, partially in force or subject to staged introduction • Statutory instruments in progress, partially in force or subject to staged introduction • Financial Conduct Authority (FCA) instruments in progress • Forthcoming judgments and significant cases • Public sector pension-related developments • Activity by the Department for Work and Pensions (DWP) • Activity by the Pensions Regulator (TPR) • Activity by the Pension Protection Fund (PPF) • Activity by the Financial Conduct Authority (FCA) • Activity by HM Revenue & Customs (HMRC) • Pensions Dashboards Programme (PDP) activity • Future reform: Pensions Commission and Third State Pension Age Review • ESG, climate change, sustainability, net zero and social factors • Other developments in pensions This horizon scanner does not cover past developments,

The following Pensions resources, providing useful practical commentary, legislation, rules and guidance for Pensions lawyers, whether in private practice or in-house, are available in Lexis+® UK. They are referenced and linked to in the Pensions content in Lexis+® UK. Please note, however, the titles listed can only be accessed with the relevant Lexis+® UK subscription(s). Commentary Title Summary Who should use this resource? Tolley's Pensions Law Service A comprehensive commentary providing clear information on the legal and technical aspects of operating pension schemes, as well as giving guidance and explanations on a large range of issues, including: types of pension provision; establishing and amending an occupational scheme; membership and benefits; investment, assets, funding and surplus; acquisitions, mergers, transfers and winding-up; Scottish law and overseas aspects. Of general interest to pensions professionals needing to undertake research into these topic areas. Halsbury's Laws of England volumes relevant for pensions professionals:• Halsbury's Laws of England, Personal and Occupational Pensions (80) 1 Halsbury's Laws of England provides the only comprehensive narrative statement of the law of England and Wales, covering

This Practice Note sets out the different types of state pension, the qualifying criteria, implications within divorce/dissolution, nullity or separation proceedings, obtaining information and disclosure, and orders that may be made by the court in family proceedings. It reflects the reform of state pensions and provides guidance on the consequences in a family law context. This Practice Note provides guidance on: • the old state pension scheme for those reaching state pension age prior to 6 April 2016, and • the new state pension scheme for those reaching state pension age on or after 6 April 2016 The state pension may be overlooked on divorce, dissolution, nullity or (judicial) separation, because it may be perceived as worth little or because its structure and/or the possibilities available to meet the parties’ financial needs are not understood. Full information regarding state pension rights should be obtained during the financial disclosure process. A state pension forecast can be obtained either using Form BR19 or by applying online. Form BR20NSP (formerly known as BR20) will provide a

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