Law360: Most pension professionals believe the new funding code for Defined Benefit (DB) pension schemes launched by the Pensions Regulator (TPR) on 12 November 2024 will bring greater clarity in the sector, the Society of Pension Professionals (SPP) has stated.

The Pensions Regulator (TPR) has issued a press release confirming that its new defined benefit (DB) funding code has come into effect from 12 November 2024. The new DB funding code applies to DB pension schemes with actuarial valuation dates on or after 22 September 2024 and aligns with the Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations 2024, SI 2024/462 which came into force on 6 April 2024. The new code aims to improve regulatory oversight and ensure pension savers receive expected benefits by focusing on long-term objectives, risk management, and appropriate funding strategies. It provides guidance on setting funding plans in line with sponsor support and moving maturing schemes towards low dependency. TPR plans to launch a digital service in spring 2025 to facilitate the submission of strategy statements and valuation documents, with interim support available for schemes needing to submit valuations before the service launch. In the meantime, TPR is scheduled to host a webinar about the implementation of the new DB funding code on Tuesday 3 December 2024 and invites trustees and scheme staff to attend. TPR is also set to issue covenant guidance later this year.

TPR’s market oversight report, based on engagement with more than 40 stakeholders, examines defined benefit (DB) and defined contribution (DC) pension schemes’ investment in private markets, particularly UK infrastructure. Its report finds that while trustees and advisers are open to such investment where it meets schemes’ needs, it also identifies barriers including knowledge gaps, uncertainty, fees, transparency and limited access to suitable assets. TPR has shared its findings with government to support action on investible assets under the Mansion House Accord and is to continue to work with government and industry to reduce these barriers.

Pensions analysis: On 4 December 2024 the Pensions Regulator (TPR) published the updated employer covenant guidance for trustees of defined benefit (DB) pension schemes, aligned with its new DB funding code of practice which was brought into effect on 12 November 2024 by the Pensions Act 2004 (PeA 2004) (Code of Practice) (Defined Benefit Funding) Appointed Day Order 2024, SI 2024/1143. The publication of the updated employer covenant guidance completes the framework for valuations under the new DB funding code of practice, reinforcing TPR's commitment to protecting member benefits and ensuring employer support aligns with scheme risk profiles. Rosalind Connor, Partner at Temple Bright looks at the new guidance and what it means for trustees of DB schemes

Pensions analysis: On 5 March 2024, the Pensions Regulator (TPR) launched a consultation seeking views on its proposed approach to the statement of strategy, including the proposed form and content of the document and the type and extent of the information that will need to be submitted. The consultation included a draft example statement, a worked example of trustee assessment of maximum affordable contributions and a reference list for the data and information that will be required. Dan Naylor, partner, and Harriet Sayer, senior counsel of Travers Smith LLP, comment on the key aspects of the consultation, the implications for pension schemes, and the next steps.

Law360: TPT Retirement Solutions said on 8 May 2025 that it plans to launch a multiemployer collective defined pension scheme, after the government said it will roll out new legislation for the sector in the autumn.

The Transition Plan Taskforce (TPT) has issued its final report outlining its work and achievements, highlighting global consistency in transition planning and its use in decision-making by financial institutions, corporations, governments and regulators. The TPT has established a framework for good practice transition plans, which has seen accelerating market and regulatory adoption. It says further efforts are needed to ensure widespread adoption of these plans.

The Transition Plan Taskforce (TPT) has published its final set of transition plan resources to assist companies in obtaining funding for net zero. Over 600 organisations in the UK and throughout the world including the financial, real economy and civil society sectors, participated in the development of the TPT's Disclosure Framework and related publications. The plan includes an internationally recognised best practice disclosure framework for transition plans and a comprehensive suite of resources to support companies and global financial institutions to mobilise transition finance. TPT outputs help lower the degree of disclosure complexity that businesses deal with while facilitating the production of consistent and comparable company reports.

The Trade Remedies Authority (TRA) has recommended maintaining the anti-dumping measure on ceramic tiles from China, except for larger tiles not produced in the UK. The measure will remain for tiles with a surface area of 3,600cm² or less for five more years, while it will be removed for larger tiles unless they have a surface relief exceeding 3mm. This measure, inherited from the EU, aims to counter unfair pricing, with Chinese imports currently facing duties ranging from 14% to 70%.

The Trade Remedies Authority (TRA) has announced that several UK anti-dumping and anti-subsidy measures are set to expire in 2026. TRA has opened the application window for affected UK producers to request expiry reviews, running from January to October 2025. The measures expiring in January 2026 cover welded steel tubes and pipes, rainbow trout, biodiesel, glass fibre, and wire rods. TRA emphasises that failure to submit a review request within the specified timeframe will result in automatic expiry of the relevant measure, potentially leaving domestic producers vulnerable to unfair import practices. Additionally, TRA has highlighted that the UK's steel safeguard measure, which cannot be renewed, will end in summer 2026.

The Teaching Regulation Agency (TRA) and Department for Education (DfE) have reported that, in accordance with The Teachers’ Disciplinary (England) Regulations 2012, a professional conduct panel was convened to consider the case of Mr Guy Hewett, formerly employed in Maidstone, South East England. The panel made a recommendation to the Secretary of State that the findings of unacceptable professional conduct and/or conduct likely to bring the profession into disrepute should be published and that such an action is proportionate and in the public interest. However, it was concluded that a prohibition order is not proportionate or in the public interest. The publication of the findings was deemed sufficient to send an appropriate message. The Secretary of State does not make these decisions themselves. They are made by a senior official on the recommendation of an independent panel.

The Trade Remedies Authority (TRA) has announced that the anti-dumping measure on bicycles and certain bicycle parts imported from China will remain in force until 30 August 2029 following a transition review. The TRA found that, if the measure were removed, dumping of the imported goods would be likely to resume and would likely result in injury to the UK bicycle manufacturing industry. It concludes that maintaining the measure will help prevent the dumping of low-priced bicycles and will benefit UK producers by between £1 million and £9 million per year.