Pensions Weekly Update – 12 March 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.

• In terms of pensions dashboards, we are on the final countdown! The first cohort of schemes and pension providers are scheduled to connect to the dashboards ecosystem by the end of April 2025 (i.e. 33 working days from now, discounting the Easter bank holidays), in line with the guidance issued by the Department for Work and Pensions (DWP). In a recent press release, the Pensions Dashboards Programme (PDP) confirmed that three volunteer participants have successfully connected to the dashboards ecosystem. PDP also confirmed that the final dashboards standards have been signed off by the secretary of state for work and pensions. We remind trustees that they should seek legal advice before signing new or updated contractual terms for dashboards services. Also, trustees should consider The Pensions Regulator’s (TPR) guidance on producing or updating a data protection impact assessment.
• TPR has published its 2024 overview of the occupational defined contribution (DC) trust-based landscape. TPR notes that the number of DC schemes with 12 or more members and hybrid schemes decreased by 15% during 2024 to 920 such schemes. DC scheme assets, excluding DC schemes with fewer than 12 members and hybrid schemes, have grown by 25%, from £164 billion in 2023, to £205 billion in 2024. The overview goes on to note that master trusts held £166 billion in DC assets, which represents 81% of all DC scheme assets.
• Over the last few months, the Employment Rights Bill has been making its way through the parliamentary process, and the government has tabled several amendments to the bill. In this publication, colleagues in our Labour & Employment team set out the key changes put forward by the government, and the potential implications for employers.
• Although 2025 looks set to be quieter on the legislative front than 2024, employers should not be lulled into a false sense of security. With the changes contained in the Employment Rights Bill on the horizon and various other changes afoot, businesses should be using the next 12 months to prepare themselves. Our employment law webinar being held on 27 March 2025 considers what should be on your to-do list, and what changes you may need to make to your employment documentation, including your practices and procedures.

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