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UK Pension Schemes Bill: value for money regime, small-pot consolidation and DC mega-funds as TPR redefines trusteeship and adopts a more prudential regulatory approach

Published on: 10 June 2025

Published by a Law360 reporter
Legal News
Article summary

Nausicaa Delfas, Chief Executive of TPR

On 5 June 2025, Nausicaa Delfas, Chief Executive of TPR, said the new Pension Schemes Bill will reshape the UK's pensions landscape and what it means to be a trustee in practice. She added TPR would learn from others and adopt 'the best of analogous regimes'.

The government’s long-anticipated Pension Schemes Bill, introduced on 5 June 2025, brings a raft of changes across the system, including fresh value-for-money rules and the automatic merger of small pension pots. It also sets out steps to harness the pensions sector for greater investment in the UK economy.

Addressing the Pensions Management Institute’s annual conference in London, Delfas stressed that trustees sit at the core of the pensions framework. She said the choices they make profoundly affect the financial wellbeing of millions of savers, and that as the system expands and adapts, so too must trusteeship...

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