Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Department for Work and Pensions definition

What does Department for Work and Pensions mean? In legal practice, “Department for Work and Pensions” (DWP) describes the UK government department that sets pensions and welfare policy for Great Britain, makes secondary legislation under the Pensions Acts, and administers the state pension in GB (through the Pension Service). It sponsors The Pensions Regulator and the Pension Protection Fund and issues consultations and guidance affecting occupational pension schemes, automatic enrolment, scheme funding, transfers, GMP, and pensions dashboards. In statutes, powers are typically conferred on “the Secretary of State for Work and Pensions” rather than the DWP itself; the term is descriptive rather than a defined legal term. Jurisdictional...

Occupational pension scheme investments: asset classes, trustee duties and restrictions (including ERI and derivatives); LDI, collective vehicles, productive finance and social impact, securitisation, and TPR scrutiny of private markets

Published by a LexisNexis Pensions expert

Practice notes

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMES STOP PRESS :

On 8 December 2025, TPR unveiled a programme examining how DC and DB pension schemes approach allocating to growth assets, and identifying obstacles to investing in private markets and infrastructure. Through targeted engagement with investment consultancies, schemes and industry representative bodies, TPR is collecting market insight on opportunities, vehicles, constraints and enablers, with a particular focus on UK opportunities and investment routes. The regulator’s attention is on schemes of meaningful scale that are weighing, or have the capacity to pursue, investments in private markets and related assets. This outreach is scheduled to conclude by end‑2025; TPR will then share outcomes with government and issue a market oversight report in 2026. Executive Director Julian Lyne signalled that, where schemes do not meet required standards, TPR will invite trustees to consider whether consolidation into larger vehicles with stronger investment capabilities would be in savers’ interests. For further information, see TPR probes barriers to investment in private markets and infrastructure that could deliver better returns for savers and LNB News 08/12/2025 53...

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Mark Smith

Taylor Wessing LLP

Mark is a partner in the Employment and Pensions Practice Group and he specialises in pensions law. Mark is experienced at advising employers and trustees on the full range of pensions issues. He has acted in relation to a wide range of schemes, including those of FSTE 100 companies, public sector bodies and charities. He has also acted as a trustee of various schemes through a trustee company. ...

Martin Scott

gunnercooke LLP

Martin has been a pension lawyer for 25 years with wide experience of providing advice to trustees and employers of household name companies. He has worked for some of the largest pension schemes on some of the most complex and innovative areas, particularly in the de-risking and investment fields. He has deep experience in investment management/custody agreements for trustees, including advice on LDI mandates and all forms of pooled investment funds. He also has a wide advisory practice covering scheme documentation, mergers, contingent assets, disputes and advising trustees whose sponsor is financially distressed. He has also advised on over 600 corporate transactions....

Web page updated on 21/05/2026

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