Pensions Weekly Update – 23 April 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 Financial Conduct Authority (FCA) has published an updated regulatory initiatives grid. This is a spreadsheet setting out the pipeline for regulatory initiatives that are already within the public domain and that are expected to take a significant amount of project time. The grid includes updates on timings. The Pensions Regulator (TPR) is one of the bodies that contributes to the grid. There are four new items relating to pensions that have not previously appeared on the grid (although they are not new initiatives). These relate to adapting the FCA framework to a changing market, TPR’s data quality regulatory initiative, the extension of collective defined contribution (CDC) pensions to multiemployer schemes, and superfunds. In relation to data quality, TPR is targeting schemes that it believes are failing in expectations. It is waiting for the current defined benefit/hybrid scheme return cycle to end in April 2025 to identify further schemes to engage with. TPR expects to engage with key stakeholders between October and December 2025 in relation to legislation and a code covering the extension of CDC. In relation to superfunds, legislation will be contained in the Pension Schemes Bill, which the grid notes is expected between April and June 2025. Work on the superfund code is scheduled to commence in early 2026. Items dropped from the grid include work on a notifiable events code of practice. While that does not mean that the new notifiable events regime has been dropped, it is a good indication that it is not a current priority.
• The Pensions Dashboards Programme has confirmed that the first pension provider has now completed its journey to connection with the dashboards ecosystem. This follows the successful connection of three “volunteer participants” last month. There is now only a week to go until the timetabled connection deadline for the first pension schemes and providers.
• Pensions minister, Torsten Bell, confirmed in response to parliamentary questions that the government’s priorities towards pensioners are “to raise the state pension and to rescue the NHS”. He stated the government’s commitment to increase pensions above the rate of inflation “throughout the current Parliament, and that should raise the state pension by up to £1,900 by the end of the Parliament”.
• Artificial intelligence (AI) is transforming the global system in ways not seen since the industrial revolution. International affairs advisor Matthew Kirk and partner David Naylor discuss in this video the correlation between AI and geopolitics, and how rapid advancements in AI could transform the economy, government, business and the workforce in the future.
• In this blog post, our Restructuring & Insolvency team explore the key takeaways for managing HM Revenue and Customs in a company’s restructuring plan.

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