Pensions Weekly Update – 26 February 2025

Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information.

• The Pensions Regulator (TPR) has issued a report on its oversight of the defined contribution and master trust market. It intends to improve its interaction with schemes, adopting an “expert-to-expert, risk-focused supervision approach”. In a press release, TPR says, “There will be fewer, but more targeted data requests, and more focused, expert-to-expert meetings, allowing us to influence key decision-making in real time improving regulatory compliance and saver outcomes”.
• The Financial Reporting Council (FRC) has published an updated list of signatories to the UK Stewardship Code. There are 297 signatories to the code, representing £52.3 trillion assets under management. This includes 199 asset managers, 77 asset owners and 21 service providers. Signatories also include public sector and private sector pension funds. The FRC has been consulting on proposals to amend the code. Consultation has now closed and the new code is expected to come into force in 2026.
• The campaign group Women Against State Pension Inequality (WASPI) has announced that it has sent a letter before action to the secretary of state for work and pensions, asking her to reconsider the decision not to pay compensation to women affected by the increase in state pension age from 60. This decision was made despite the parliamentary and health service ombudsman finding maladministration on the part of the government in relation to the way in which the change to state pension age was communicated to those affected. Press reports indicate that WASPI plans on bringing an application for judicial review.
• Our Labour & Employment team is holding a webinar on 12 March 2025 from noon – 1 p.m., which will explore the key legal and practical issues to be aware of when handling a workplace investigation, whether it involves a grievance, disciplinary, whistleblowing or other employment matter. View the details of this webinar on our event posting.
• Look out for our Spring Hot Topics in Pensions next week, to help you plan your next pensions agenda.

If you would like specific advice on any of these issues or anything else, please contact a member of our Pensions team.