A bite-sized summary of recent UK pension news Welcome to our latest update, in which we cover: Pensions Regulator (TPR): new innovation hub In a keynote speech, TPR explains that its priorities are for innovation, data...more
Pension schemes which allow members to designate defined contribution (DC) funds for drawdown may need to amend their scheme rules, following an update to HMRC’s Pensions Tax Manual. On 26 March 2025, HMRC updated the...more
Welcome to our latest update, in which we cover: Pensions Regulator (TPR): oversight of professional trustees TPR has announced a framework for the oversight of professional trustees. Pensions Regulator (TPR): supporting...more
This update covers: On 20 March last week, the Finance Bill received Royal Assent and became the Finance Act 2025. The provisions relevant to pensions make changes to: Further details are given below....more
In this article, we look forward to likely key developments in UK pension law in 2025. This article covers, in particular: Virgin Media: the legal rollercoaster continues … The Pension Schemes Bill: a comprehensive...more
Today's Budget brought some good news: Despite recent speculation, National Insurance contributions (NICs) will not be charged on employers’ pension contributions; and No changes were announced to members’ tax-free lump sums....more
Trustees or managers of an occupational pension scheme with 100 or more members must carry out and document an ORA. The Pensions Regulator (TPR) describes an ORA as an assessment of how well a scheme’s “effective system of...more
Our clients have been asking us whether they should conduct a review of previous deeds of amendment in light of the Court of Appeal decision in the Virgin Media case. This article sets out our views....more
Regulations issued on 7 October 2024 will change (again) the requirements for calculating whether a member may be paid a trivial commutation lump sum (TCLS). The Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3)...more
In a recent blog, the Pensions Regulator (TPR) has urged schemes to get on with steps to comply with their pension dashboard duties. Its particular concern is that schemes may not be sufficiently prepared to connect with the...more
The Court of Appeal has today (25 July 2024) dismissed the employer’s appeal against a High Court decision last year that historic amendments to members’ contracted-out rights were void. This increased the value of accrued...more
Recovering overpayments of benefits is a challenge often faced by pension trustees. Pension scheme benefits are complex and it is no surprise that mistakes can arise and lead to members being paid more than they are entitled...more
The Court of Appeal last week heard appeals by the sponsoring employers in two important pension cases. In both cases the employers had wished to amend (or to explore amending) the scheme rules to reduce the cost of future...more
Legislation in a hurry... Pensions tax is never simple, and the legislation abolishing the lifetime allowance (LTA) on 6 April 2024 (“L-Day”) bears this out. Regulations issued mid-March correct some, but by no means all, of...more
The government has ambitious plans for the future of defined benefit (DB) pension schemes, many of which, it is hoped, will help the UK economy through increased investment in productive finance. In particular, the...more
The Autumn Statement confirmed that the lifetime allowance (LTA) will be abolished from 6 April 2024 (“L-Day”). The legislation to achieve this is contained in the Finance Bill, issued on 29 November, of which a whopping 100...more
The government is keen to see continued reduction in the number of DC trust-based occupational pension schemes, believing that a smaller number of large, well-run schemes will result in better outcomes for members while...more
On 28 November 2023, we held our recent developments in pensions seminar covering legal updates from the pensions industry from the recent months.
Topics members of our team covered included: Autumn Statement 2023: what...more
Pension trustees and sponsoring employers may have seen commentary on the recent case of Virgin Media v NTL Pension Trustees Ltd and others, which concerned procedural requirements for historic amendments in relation to...more
We run a comprehensive programme of pension training for clients and their advisers, including training for new pension trustees, training for experienced trustees and regular morning seminars reviewing legal developments in...more
Welcome to Hogan Lovells UK pension team's October 2022 newsletter. The past fortnight has demonstrated how pension schemes can be significantly impacted by unexpected turmoil in financial markets. ...more
Welcome to Hogan Lovells UK pension team’s April 2022 newsletter, covering highlights from the previous month. Contents GMP equalisation update Encouraging DC schemes to invest in illiquid assets Notifiable events update ...more
Pension scheme (and other) trustees must register certain trusts with HMRC by 1 September 2022, following the implementation in the UK of the Fifth Money Laundering Directive (5MLD). While the new requirements do not apply to...more
A requirement to tell the Pensions Regulator (tPR) about certain events (“notifiable events”) has long been part of tPR’s armoury in its ongoing campaign to strengthen funding of defined benefit (DB) pension schemes....more
The Act introduces two new offences – conduct risking accrued DB benefits and avoidance of employer debt, as explained below. Each offence is punishable by up to seven years' imprisonment and / or an unlimited fine. There are...more