Pensions are constantly evolving ...
We are in probably the fastest changing period of pensions this century. This list will continually evolve and be updated as matters develop.
DB pension scheme surpluses
With many DB pension schemes now in surplus - not only on an ongoing 'Technical Provisions' basis but also on a buyout basis - coupled with powers within the 2026 Pension Schemes Act for new regulations to make it easier for surpluses to be reduced, there are lots of new issues for scheme sponsors to consider.
Choice over future options
How things have changed with many DB pension schemes experiencing surpluses and other options available to the 'flight path to buyout'.
DC future investment approaches
Following the Mansion house accord the government included a reserved power in the 2026 Pension Schemes Act to mandate how some of the funds in default investment options in larger DC funds are invested. This matter was highly contentious and almost caused the 2025 Pensions Bill to run out of time.
DC consolidation
Consolidation of smaller DC funds into much larger superfunds is seen as the way forward.
Virgin Media, Section 37 and all that jazz
After the judgement in June 2023 in the Virgin Media vs. NTL Trustees II, regarding situations where S37 certification was not obtained from the Scheme Actuary at the time of a change, and the failed appeal in 2025, provision for retrospective recertification is included in the 2026 Pension Schemes Act. With professional guidance now having been re-issued by the FRC, will this move forward?.
Independent trustees alongside lay trustees
Despite Hutton's re-affirmation of the important role of lay trustees, many schemes have moved from not just including a professional independent trustee on the trustee body to a sole professional trustee model. The expansion of the remit of the independent trustee firms is under scrutiny as they move closer to a one-stop-shop solution for running schemes.
Re-imagining Fiduciary Duties
Trustees' fiduciary duties remain under the spotlight despite the possibility of regulations made under the provisions of the 2026 Pensions Schemes Act telling trustees what they can or should take into account in exercising their fiduciary duties, not having made the Final Cut.