What are the moral hazard (anti-avoidance) powers? Broadly, the Pensions Regulator’s (TPR) moral hazard powers or anti-avoidance powers under the Pensions Act 2004 (PeA 2004) enable it to impose liabilities not only on employers of defined benefit pension schemes, but also on third parties that are connected and associated with such an employer (the target), provided certain statutory conditions are met. TPR’s moral hazard powers are: • a financial support direction (FSD)—TPR can issue an FSD in relation to an underfunded scheme where it concludes that the employer is either insufficiently resourced or is a service company. An FSD requires appropriate financial support to be put in place for the scheme by the target, but it may not be imposed generally on an individual, and • a contribution notice (CN)—this may be imposed on a target if one of four tests is satisfied.

THIS PRACTICE NOTE ONLY APPLIES TO OCCUPATIONAL PENSION SCHEMES This Practice Note looks at examples of: • where the Pensions Regulator (the Regulator) has issued an order directing or authorising the winding-up of an occupational pension scheme under the Pensions Act 1995 (PA 1995), s 11(1) (a ‘section 11 order’) and the reasoning of the Determinations Panel of the Regulator for issuing the order in each case • where the Determinations Panel has refused to issue a section 11 order In practice, it should only rarely be necessary for the Regulator to exercise its powers to wind up a scheme, and the Regulator is unlikely to make a section 11 order without a compelling case being made to it. Alternatively, it may in exceptional circumstances be necessary to apply to the court for directions to wind up a scheme. Powers to wind up schemes Under section 11(1) of PA 1995, the Regulator may, by order, direct or authorise an occupational pension scheme to be wound up if it is satisfied that: • the scheme, or

The People's Pension, Brunel Pension Partnership, and Scottish Widows, has released the Asset Owner Statement on Climate Stewardship. This initiative aims to provide asset managers with clear and consistent expectations regarding climate stewardship practices. The statement outlines five core principles that asset managers are expected to adhere to, including engaging in industry and public policy discussions, prioritising collaborative initiatives, developing a robust theory of change for company engagement, implementing a systematic voting approach, and adequately resourcing the stewardship function. This development seeks to enhance stewardship efficiency, elevate industry standards, and address the growing fiduciary risks associated with climate change in the investment sector.

Energy analysis: The Planning and Infrastructure Act 2025 (PIA 2025), which received Royal Assent on 18 December 2025, introduces wide-ranging planning reforms across the UK economy. While the PIA 2025 impacts a range of sectors and industries, it includes specific provisions that affect the energy sector. These provisions and their implications for energy developers and investors are explored in this News Analysis by Rory Bennett, counsel and Lucy Bruce Jones, partner of Norton Rose Fulbright LLP and the Lexis+® Energy and Planning teams.

This Practice Note is part of a series on the energy sector impacts of the Planning and Infrastructure Act 2025 (PIA 2025). It focuses on the reforms made by the PIA 2025 to the Nationally Significant Infrastructure Projects (NSIP) regime for consenting larger energy (and other infrastructure projects) in England and Wales under the Planning Act 2008 (PA 2008), ie those exceeding the thresholds discussed in the first section below. Projects in Scotland do not qualify as NSIPs, so the focus of this Practice Note is for renewable energy developments in England and Wales. This Practice Note refers, where relevant, to other consents required in Scotland in outline, but does not cover the position in detail. For: • a high-level News Analysis serving as an introduction to the key issues covered in this Practice Note and other energy sector impacts of the PIA 2025, see News Analysis: The Planning and Infrastructure Act 2025-implications for the energy sector • an overview of

FORTHCOMING CHANGE : On 20 August 2026, the Home Office published a consultation on removing regulation 36 of the Police Pensions Regulations 2015, SI 2015/445, and the associated reduced contribution rates. Regulation 36 allows scheme managers to exclude certain members from ill-health benefits because of a pre-existing medical condition. If the proposals proceed, scheme managers would no longer be able to make such exclusions for future accrual; currently excluded members would begin paying full contributions and accruing entitlement to ill-health benefits from an implementation date that has yet to be specified. The proposals follow a 2023 legal challenge (case unnamed) in which, for the purposes of that case, the then Home Secretary conceded that regulation 36(5) contravened the non-discrimination rule in section 61 of the Equality Act 2010. The Home Office is also reviewing regulations 35–42 for necessary consequential amendments. This is the prospective stage of a two-stage process; the position of members affected by previous exclusions, including former officers and pensioners, may be addressed in a separate consultation. For further information,

The scope of the Poseidon Principles The Poseidon Principles (the Principles) were launched in 2019 and recognise the crucial role financial institutions have to play in promoting responsible environmental governance and management within shipping finance. Inspired by the Equator Principles, they are a voluntary set of guidelines which seek to provide a framework for assessing and disclosing the climate alignment of ship finance portfolios. The Principles are applicable to lenders, lessors and financial guarantors, including export credit agencies (ECAs) and must be applied by signatories in all ‘Business Activities’ that are (1) credit products (including bilateral and syndicated loans, club deals and guarantees) secured by ship mortgage or a finance lease secured by title over a ship or unmortgaged ECA loans tied to a ship, and (2) where the ship(s) fall under the scope of the International Maritime Organisation (IMO) being those over 5,000 gross tonnage which have an established Principles trajectory whereby the emissions intensity can be measured with IMO data collection system data (see below). The IMO is the

On 18 September 2025, the Chancellor of the High Court (Sir Julian Flaux) issued a revised Practice Statement Companies: Schemes of Arrangement and Restructuring Plans under Parts 26 and 26A of the Companies Act 2006 (CA 2006) (Practice Statement for schemes and RPs 2025) to replace the Practice Statement (Companies: Schemes of Arrangement under Part 26 and Part 26A of the Companies Act) dated 26 June 2020 (the 2020 Practice Statement) following a public consultation process (see Article: The law of unintended consequences? A new Practice Statement for Schemes and Plans: (2025) 4 CRI 111). The Practice Statement for schemes and RPs 2025 governs the procedure for Part 26 schemes of arrangement (schemes; see Practice Note: Schemes of arrangement—process and statutory framework) and Part 26A restructuring plans (see Practice Note: Part 26A restructuring plans—process) between a company and its creditors and/or members from 1 January 2026 onwards (see: LNB News 19/09/2025 33). It follows a period of increased challenge to plans in particular, not only

The Pre-Action Protocol for Disease and Illness Claims applies to personal injury claims where the injury is not the result of an accident, but instead a disease or illness. Where a single event occurs which causes a disease or illness then, if agreed between the parties, this protocol may be applied rather than the Pre-Action Protocol for Personal Injury Claims. For further guidance on the Pre-Action Protocol for Personal Injury Claims, see Practice Note: The Pre-Action Protocol for Personal Injury Claims. The protocol applies to claims which, because of their complexity, may be unsuitable for the fast track, despite having a fast track value. However, fast track noise-induced hearing loss (NIHL) claims are covered by Annex E of this protocol—see: Noise-induced hearing loss claims below. The timescales in this protocol may need to be varied by the parties if they are deemed inappropriate in the circumstances of the case. For example, if the claimant has mesothelioma and a short life expectancy, the defendant would be expected to deal with the

The Pre-Action Protocol for Low Value Personal Injury (Employers’ Liability and Public Liability) Claims (the EL/PL protocol) applies to claims valued up to £25,000 where the accident occurred on or after 31 July 2013. It is designed to increase the speed of decision making by imposing fixed response times and fixed costs on parties. The aim is to avoid the need for the claimant to start proceedings and for damages to be paid within a reasonable time. For guidance on the applicable fixed costs, see Practice Note: Fixed costs in employer liability and public liability claims. Employer liability claims are defined as a claim by an employee against the employer for damages arising from: • a bodily injury sustained by the employee in the course of employment; or • a claim relating to a disease with which the employee is diagnosed that is alleged to have been contracted as a consequence of the employer's breach of statutory or common law duties of care, in the

NOTE: The Pre-Action Protocol for Personal Injury Claims Below the Small Claims Limit in Road Traffic Accidents (the RTA Small Claims Protocol) applies to accidents which occur on or after 31 May 2021 and where the amount claimed for the injuries is not more than £5,000 and the overall claim is not more than £10,000. The small claims track limit for personal injury claims arising from a road traffic accident was increased to £5,000 in respect of damages for pain, suffering and loss of amenity (subject to certain exceptions). For further details of the RTA Small Claims Protocol including the circumstances where it does not apply, see Practice Note: The road traffic accident small claims protocol and Checklist The RTA small claims protocol—key features checklist. Scope The Pre-Action Protocol for Low Value Personal Injury Claims in Road Traffic Accidents (the RTA protocol) applies to all road traffic accident (RTA) claims where: • the claim arises from a road traffic accident which occurred in England and

THIS PROTOCOL ONLY APPLIES TO LOW VALUE RTA CASES WHERE THE CLAIM NOTIFICATION FORM IS SUBMITTED TO THE DEFENDANT'S INSURERS BEFORE 30 APRIL 2013. The Pre-Action Protocol for Low Value Personal Injury Claims in Road Traffic Accidents (the RTA protocol) applies to claims valued up to £10,000. It is designed to increase the speed of decision making by imposing fixed response times and fixed costs on parties. The protocol applies to all road traffic accident (RTA) claims: • with a value between £1,000 and £10,000 • where the accident occurred in England or Wales • where the accident occurred on or after 30 April 2010 Excluded cases The protocol does not apply: • where pain, suffering and loss of amenity are valued at less than £1,000 • to employer and public liability claims • to Motor Insurers' Bureau (MIB) untraced driver claims • where either the claimant or defendant is deceased • where the claimant is bankrupt • where the claimant