Here you will find articles which have appeared in our newsletters, for law firms and trustees.
September 2026 Newsletter Articles
Surplus release from ongoing DB schemes: a trustee perspective
From April 2027 a new option will be available to many ongoing UK defined benefit schemes, with a clearer route to releasing surplus to sponsors, and potentially sharing it with members. In practice, it will generally be sponsors who take the initiative by proposing a surplus release. The trustees’ role is then to decide whether they have power to agree, and whether surplus release is consistent with their fiduciary duties, taking account of the rules, funding position, covenant, member interests and long-term future of the scheme.
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Forfeiture: it doesn’t always do what it says on the tin!
A recent Pensions Ombudsman determination on the European Metal Recycling Scheme provides a useful warning for trustees. The Ombudsman held that a rule labelled as a forfeiture provision did not actually extinguish a beneficiary’s entitlement to unpaid spouse’s pension and GMP arrears. Trustees should check whether their rules contain clear operative forfeiture wording, understand why any underpayment arose, and keep evidence of tracing and historic administration decisions. This is particularly important where buy-out or wind-up work may expose unresolved arrears issues and historic payroll anomalies.
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CP26/25: a more pragmatic route to pensions value for money
The FCA and Department for Work and Pensions’ latest Value for Money consultation, CP26/25, sets out a substantially revised version of the proposed Value for Money Framework. The policy objective remains to move workplace pension competition away from a focus on price and towards long-term value for savers. Subject to the final rules and regulations, the Framework will begin operating in 2028 for larger and open commercial arrangements. It will be extended to all in-scope arrangements from 2029, when the formal consequences of an amber or red rating will also begin to apply.
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May 2026 Newsletter Articles
Pension Schemes Act 2026
The Pension Schemes Act is now law, following a long process and a final stage of “ping-pong” between the Commons and the Lords. Its impact will be immediate for defined benefit (DB) schemes looking to solve a Virgin Media problem. Many other changes will depend on further consultation and secondary legislation as the Act serves more as a “framework” for what is to come.
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New ‘data protection complaints’ regime in force June – trustee action needed!
The Data (Use and Access) Act 2025 (“DUAA”) has made several changes to domestic data protection law and will, on 19 June 2026, introduce a new regime governing so-called ‘data protection complaints’. This article sets out what the new requirements are and outlines the steps that pension trustees, as data controllers, could and should be taking now to ensure that they are compliant when the law changes.
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April 2026 Newsletter Articles
The Pension Schemes Bill: what DC trustees need to focus on now
The Pension Schemes Bill (the Bill) marks a big shift in how the government expects DC schemes to operate: fewer schemes, larger scale, clearer value tests and more structured outcomes at retirement. While much detail will follow in regulations, trustees should already be considering how prepared their scheme is for the direction of travel.
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New data protection complaints process for pension scheme members – what trustees need to know
From 19 June 2026, new legal requirements will apply to all pension scheme trustees in their role as data controllers. Under the Data (Use and Access) Act 2025 (“DUAA”), trustees, as data controllers, must have a process that allows members and other individuals to raise concerns about how their personal data is handled. The ICO has published guidance to help organisations prepare for these changes.
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Pensions Ombudsman adopts ‘lead case’ approach for scheme-wide complaints arising from buy-in and buy-outs
The Pensions Ombudsman has been developing its ‘lead case’ approach to multiple complaints about the same issue within the same scheme for around two years. The Ombudsman will soon make a decision in the two lead cases relating to the Boots Pension Scheme that will effectively resolve over 800 complaints in one go. This relatively new approach is a welcome change by the Ombudsman and will assist trustees in managing administration and costs where they receive numerous complaints on the same issue from aggrieved members, especially in the context of a buy-in or buy-out where systemic issues or decisions affecting a large cohort of members are likely to come to the fore.
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February 2026 Newsletter Articles
The first Own Risk Assessment deadline is fast approaching – are you prepared?
Schemes have been busy documenting and refining their effective system of governance (ESOG) since the General Code was issued in 2024. Trustees of schemes with 100 or more members have either already documented or are in the process of carrying out their first own risk assessment (ORA) of the ESOG – the latest schemes have to complete the first ORA is 2027 depending on date of the scheme year. Trustees need to bear in mind that a scheme’s ESOG needs to be proportionate to the size, nature, scale and complexity of the scheme’s activities. What is documented in the ORA should reflect actual scheme practice and Scheme policies - templates help, but they are not a silver bullet to appropriate compliance.
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Pay it back? Not always: Overpayments – recent developments
In December 2025, The Pensions Ombudsman (“TPO”) issued an interesting determination on the change of position defence to recovery of overpayments. TPO also published a factsheet for members on overpayments that schemes should be aware of. The key takeaways are that: 1. trustees now need to send TPO’s fact sheet to members when informing them of an overpayment or seeking recovery; and 2. to reduce the risk of a successful defence to an overpayment claim, trustees should: a. be very careful when responding to member queries about their benefits; and b. ensure member literature is appropriately drafted for any known issues.
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Greenwashing risk: guidance for UK pension scheme trustees
Pension providers and trustees should ensure that any environmental or exclusion based claim made in connection with a pension is made following a proper process and: a) is accurate and not misleading when read by an ordinary person; b) is supported by evidence; c) is complete and not overstated, reflecting both direct and indirect holdings; and d) is kept under review, including historic disclosures that remain publicly accessible. Historical claims also provide regulators, consumers and members with potential rights of enforcement or action. It is important to have a clear understanding of what was previously communicated to be able to assess the greenwashing risks.
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November 2025 Newsletter Articles
What has the Data (Use and Access) Act 2025 changed already and what more can we expect?
The Data (Use and Access) Act 2025, or DUAA, is a significant deregulation of UK data law, and it will move the dial on the way organisations – including employers, trustee boards and pension providers – deal with data. The Data Subject Access Request regime has been eased to make it more practical, which is welcome. A thornier issue is how data transfers will operate between the UK and Europe where the “devil will be in the detail”. The changes will be rolled out over the coming year.
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The DB Funding Code – one year on
For well-funded schemes who already have a settled journey plan and objectives, the new regime may not have a great deal of impact on the outcome of the valuation, but the new requirements do impact on the essential valuation building blocks. For those with more challenging funding levels or less settled plans for the future, there is more work to do to comply and quite a few new concepts to grapple with. The key message is to start planning early and undertake training on what the new requirements really mean for you so that the valuation building blocks are in place and well understood ahead of the initial numbers. Early employer engagement is also a good idea to address any employer concerns.
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Pensions Schemes Bill – big changes afoot for DC schemes
The Pensions Schemes Bill, published on 5 June 2025 and currently making its way through Parliament, marks a significant step in reshaping the UK’s defined contribution (DC) landscape. The proposed changes are underpinned by the Government’s ambition to have fewer, larger, better-performing schemes primed to offer greater value to members and to invest in UK businesses to boost the economy. The Bill sets out the high-level framework in respect of the new requirements, with the detail to follow in secondary legislation. However, it’s not too early to start planning ahead and for trustees to work with their advisers/providers to understand what the changes will mean for their own DC scheme or master trust. This article summarises the changes proposed for DC schemes and the indicative timings for these coming into force.
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Employer update: Budget 2025 – Pension salary sacrifice
Changes to pension salary sacrifice - what does it mean?
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September 2025 Newsletter Articles
Section 37 – the Government’s “fix” has arrived
The Government has published new provisions to the Pension Schemes Bill designed to address the section 37 issue arising out of the Virgin Media court case. The amendments create a pragmatic statutory process for trustees to obtain actuarial confirmation of past scheme alterations made while the scheme was contracted-out. Where confirmed, those amendments will be treated as retrospectively valid for section 37 purposes. This provides long-awaited certainty for schemes potentially exposed to claims that historic amendments are void.
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The Economic Crime and Corporate Transparency Act 2023 – Implications for all corporate pension trustees from 18 November 2025
The Economic Crime and Corporate Transparency Act 2023 forms part of a legislative package which aims to prevent the abuse of UK corporate structures and tackle economic crime. It is now being implemented, step by step. Whilst the changes made by the Act are not specifically targeted at UK pension schemes, many of the provisions affect corporate trustee boards and their directors. The changes are being introduced gradually, but a key change is director identity requirements, which will become compulsory from 18 November 2025.
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End game planning – five key steps
Buying-out scheme benefits with an insurance company is still the ultimate goal for many closed schemes, but the journey to get there is not always quick or smooth sailing. There are many key things that trustees should be conscious of before they start the journey, such as scheme powers, data, administration resources, trustee protection and member experience.
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Death and taxes – how will Inheritance Tax be applied to pensions?
Last autumn the Government announced the end of the longstanding pensions exemption from Inheritance Tax (IHT). From April 2027 some previously IHT-free pension benefits will be subject to IHT. Pensions professionals have engaged actively in the Government consultations on this major change as the original proposals were fraught with difficulty. Several key changes to the process for assessing and collecting IHT have been made, but the fact that the tax will be charged on some pension benefits assets has not changed.
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