Jurisdiction(s):
United Kingdom

UK pensions and insurance in 2025: Mansion House pension megafunds, PRA life stress tests and reinsurance risks, COVID‑19 business interruption litigation endgame, and Virgin Media actuarial certification fallout

Published on: 07 January 2025

Published by a Law360 reporter

Legal News

Article summary

Labour’s Mansion House agenda includes setting up fresh pension megafunds, capable of directing a further £80bn into UK infrastructure and start-ups. At the same time, the Prudential Regulation Authority (PRA) (the regulatory authority that supervises the Bank of England) plans stress checks on insurers that have pledged as much as £100bn for the economy, following the introduction of more relaxed capital rules. Helen Ball, a partner at Sacker & Partners LLP, noted there are many justifications behind both the present and former governments’ push to channel pension assets into the UK economy. She added that while the intentions are sound, every party must put savers first. Elsewhere, court decisions risk piling additional costs onto pensions and insurers. Providers may face extra blows on coronavirus (COVID–19) claims when several landmark test cases finish in 2025. Without government steps to narrow a Court of Appeal judgment from the summer, pension schemes might effectively hand members a blank cheque...

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