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R (Greyhound Board of Great Britain Ltd) v Welsh Ministers [2026] EWHC 670 (Admin) What are the practical implications of this case? The ruling reinforces the constitutional divide between the courts and the legislature. It explains that the scheme and framework of the Government of Wales Act 2006 (GWA 2006) embody that separation of powers, and that any judicial attempt to recognise and enforce a common law obligation on Welsh Ministers to consult prior to introducing legislation in the Senedd would trespass upon that boundary. This is not a departure from established principle; case law has already upheld comparable rules for lawmakers in Scotland and at Westminster. However, this is the first express confirmation of the position for Welsh lawmakers, and the first time this dimension of the GWA 2006 has been analysed in such depth. The court examined earlier
The solution arrived through the United Nations Compensation Commission (UNCC), a quasi‑judicial body handling mass claims, created under UN Security Council Resolution 687. By addressing environmental harm—most notably via its ‘F4’ claim class—the UNCC set a seminal benchmark shaping how international law and contemporary arbitral panels allocate financial responsibility for wartime ecological devastation. With present-day wars in areas such as Eastern Europe and the Middle East bringing dam breaches, strikes on chemical facilities, and the burning of farmland, the UNCC’s legacy endures as an essential reference point for states, global investors, and companies engaged in post‑conflict arbitration. The F4 claims: Quantifying the unquantifiable Prior to the 1990s, mechanisms in international law for war reparations overwhelmingly favoured property loss, foregone earnings, and bodily injury. The natural world was commonly treated as a mute, non-compensable victim of armed hostilities...
Understanding the farming business as a business Many farms still use long-standing structures that arose by habit, not strategy. Sole traders, informal partnerships and outdated partnership deeds are common. While once effective, such setups can cause major issues around succession, tax planning and involving the next generation. A corporate team can take a fresh, business-led view of the farm, asking: Who owns the land and other critical assets? Who manages daily operations? Who carries the risk and who enjoys the return? What is the enduring plan for succession? From this review, the team can confirm whether the current setup is fit for purpose or if an alternative — for example an updated partnership agreement, a company, a limited liability partnership, or a blended model — would better meet the family’s aims. Tax efficiency through joined-up advice Tax sits at the centre of most
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Isio, a pensions consultant, said the idea of the dollar as a safe-haven asset in times of market turmoil could be over. The US dollar currency has fallen markedly in value since President Donald Trump unveiled his ' Liberation Day' tariff regime back on 2 April 2025. Roughly US$2.5trn was wiped from Wall Street in trading during the next session alone. Unhedged exposure to the US had been truly something overseas investors could depend upon as a safety blanket, but now, for the......
On 30 April 2025, the Work and Pensions Committee issued its Second Special Report on the Defined Benefit Pensions Schemes inquiry, begun in March 2023, setting out the sitting government’s reply to the predecessor Committee’s report on Defined Benefit Pension Schemes. Among its points, ministers indicated that, as a public DB consolidator, the PPF might assume responsibility for DB schemes unlikely to appeal to commercial superfunds or insurers. The concept originated under the former Conservative administration, yet movement on the plan has paused since Labour’s victory at the July 2024 general election. The government’s response added that the PPF could make an important contribution to defined benefit consolidation, given its record of investing in UK productive finance and its experience bringing together more than 2,000 schemes within the PPF and the Financial Assistance Scheme, as highlighted in the published document itself......
On 30 April 2025, the Committee confirmed it had invited representatives of four industry bodies and policy think tank experts to assess how much UK investment is held by retirement funds and to consider ways to raise it. In a statement, the Committee said the government has made releasing capital tied up in pension schemes and insurance firms for use elsewhere a core part of its strategy to increase investment in the UK. This, it added, would ‘drive economic growth’. The Pension Schemes Bill, reportedly due before 22 July 2025, is expected to contain provisions to facilitate the withdrawal of surplus cash from defined benefit pension schemes to bolster that growth......
In this issue: Funding and investment Members and benefits Types of workplace pension schemes The Pensions Regulator Pensions dashboards Daily and weekly news alerts Dates for your diary Trackers Funding and investment TPR calls for endgame strategy shift as it publishes Annual Funding Statement 2025 The Pensions Regulator ( TPR) issued its Annual Funding Statement ( AFS) on 29 April 2025 for trustees and sponsoring employers of occupational defined benefit ( DB) pension schemes, the first to sit under the new DB funding code introduced in November 2024. The statement sets out TPR’s expectations for the reformed regime and is most relevant to schemes with valuation dates from 22 September 2024 to 21 September 2025, now described as Tranche 24/25 ( T24/25) to align with the calendar year, having previously been intended as Tranche 20 ( T20). In...
Annual Funding Statement 2025 TPR issued its warning within the Annual Funding Statement 2025 — the inaugural statement under the new DB funding code and funding framework — highlighting that swings in financial markets may materially influence investment approaches or hinder a corporate backer’s capacity to step in and address deficits. It reported that 54% of DB pension plans hold a surplus large enough to secure an insurance buy-out of their liabilities. Furthermore, 76% of DB schemes show a surplus on a 'low dependency' basis, suggesting they are unlikely to need the employer to step in and cover funding shortfalls in future......
Pension Bee warned the existing framework for moving pension savings between providers is creaking, undermined by antiquated procedures, uneven standards, exploitation and weak regulatory oversight. The savings firm said it commissioned a survey of 160 financial advisers, which found 82% believe poor pension switching experiences for customers are damaging the reputation of the financial services industry at present according to the provider today......
Data released by HMRC on 24 April 2025 shows that, across the first quarter of the year, the exchequer dealt with 15,000 tax reclaim applications, awarding an average of £2,881 to each individual claimant. Analysts suggest the running total for overtaxation since 2015—when the government brought in pension freedoms—has now exceeded £1.4bn. The regulations enable members of pension plans aged 55 or above to access a lump sum, or take flexible withdrawals, if desired, from their long-term savings......
' There are now more small pension pots The Department for Work and Pensions says there are around 13 million long-term savings accounts holding under £1,000, with roughly another million set up each year as staff move between jobs. It has backed the introduction of ‘multiple default consolidators’, authorised master trusts charged with gathering up these neglected pension pots and combining them for savers. The government believes the approach could add about £1,000 to workers’ savings while trimming administration costs for the pension sector by around £225m......
Patrick Coyne, TPR’s interim policy director, admitted during a speech that 'things were not always perfect' in its regime for assessing superfunds. Superfunds are a new kind of consolidation vehicle, allowing multiple defined benefit ( DB) plans to be pooled so they can be run at a lower cost. To date, TPR has approved only one DB superfund— Clara- Pensions—under interim regulations introduced in 2020. Another company seeking approval to launch a superfund was ultimately forced to mothball the project, complaining of opaque expectations and asserting that TPR had moved the goalposts......
Turbulence across equity and bond markets, stirred by Donald Trump’s tariff fight, has cast doubt on the long-run prospects for retirement plan funding levels. Channelling growth via fresh equity exposure on the investment side appears distinctly riskier than it did merely two months back, at least for schemes and employers alike at present. No fixed date exists for rolling out the government’s proposed investment reforms, and regulatory lawyers and pensions analysts are now wondering if ministers will postpone or pare them down in the coming months. “ The turbulence sparked by Trump’s changing tariffs is affecting equities and bonds alike — the twin pillars of pension scheme assets,” said Beth Rivera, chief executive of Best Financial Planners. “ Many schemes are seeing valuation lurches that may temporarily puff up surplus positions. Lacking stability, employers could tap surpluses that are not genuinely...
In this issue: The Pensions Regulator/ Financial Conduct Authority Trustees, governance and administration Funding, surplus and investment Public sector pensions New content No Weekly Highlights on 24 April 2025 Daily and weekly news alerts Dates for your diary Trackers The Pensions Regulator/ Financial Conduct Authority Latest FCA Regulatory Initiatives Grid includes four new entries for pensions The Financial Conduct Authority ( FCA) has released the eighth Regulatory Initiatives Grid ( April 2025), outlining the programme of regulatory work over the coming 24 months. Its purpose is to help the financial services sector and other interested parties anticipate and prepare for the timing of initiatives that could materially affect their operations. For pensions and retirement income, there are seven items in total, four of which are new, and 12 initiatives have been shifted to the...
Original news Mr N ( CAS-102084- N1D3)—23 December 2024. Summary The Pensions Ombudsman dismissed a grievance concerning pension upratings. Under the Scheme rules, increases tracked RPI but were limited to 3%. There was no basis to require the Scheme to award larger rises, notwithstanding a brief earlier phase when it mistakenly paid more than necessary. Because the claimant was not asked to repay any excess, no award for distress was due. The decision underlines the primacy of the scheme’s governing documents. What were the facts? Mr N belonged to the Natwest Group Pension Fund (the Scheme). Its increase provision stated that pensions already in payment would go up by the lower of 3% or the change in RPI. Section 51 of the Pensions Act 1995 overrode scheme documents to provide a minimum for post- April 1997 pensionable service of RPI capped at 5%......
Original news Mr N ( CAS-49148- R5W6)—18 December 2024 Summary The Pensions Ombudsman has upheld a complaint concerning the calculation of a transfer value. It was accepted that the figure had been miscalculated. Members’ entitlements are limited to the benefits specified in the rules, and they should not receive any windfall beyond the correctly assessed amount where a transfer value had been lower than it ought to have been for the transferring individual. The trustees were instructed to authorise an additional transfer to address the shortfall. This outcome serves as a reminder that members are only due the benefits contained in a scheme’s governing documentation. What were the facts? Mr N was both a member and a trustee of the Alloy Sales Ltd Executive Pension Scheme (the Scheme). The Scheme was a small self‑administered scheme ( SSAS)......
Original news Dr N ( CAS-93557- F1X2)—24 December 2024 Summary The Pensions Ombudsman has dismissed a complaint about an incapacity pension application and a claim for compensation for extra tax liabilities, which arose when the pension was backdated following a successful appeal. The element of the complaint concerning the original ill-health application was out of time, and there were no grounds to extend the limitation period. The Scheme acted appropriately to correct initial inaccuracies in the information provided about tax charges, and had already compensated the member for a lifetime allowance charge. As a result, the Pensions Ombudsman declined to award compensation for any further tax liabilities. This outcome underlines that the Pensions Ombudsman generally applies a strict three-year limitation period. What were the facts? Dr N was a member of the NHS Pension Scheme (the Scheme) which was administered by NHS Business Services Authority ( NHS...
Pension Bee press release, 14 April 2025 In a release issued by Pension Bee on 14 April 2025, the company reported that the total average pension contribution from its male customers climbed by £316 in 2024, compared with a £174 uplift in the average female contribution. Men’s average annual payments into retirement savings reached £1,662, which is 44% higher than the female average of £1,155. Pension Bee said these figures represent a 'notable increase' on the 37% difference between male and female annual contributions recorded in 2023. Lisa Picardo, chief business officer at Pension Bee, said the expanding gap between men’s and women’s retirement contributions is 'a serious concern'......
The UK Sustainable Investment and Finance Association ( UKSIF) On 10 April 2025, the UK Sustainable Investment and Finance Association ( UKSIF) urged ministers to avoid drastic steps, including compelling UK pension schemes to earmark a fixed share of assets under management for UK-based investments and other domestic holdings. The group also argued that the nation’s £3trn pension pot could more effectively foster economic expansion by investing in the green economy across the country. Representing a broad spectrum of financial services providers, UKSIF said the government should use the next stage of its pensions review to assess how Europe’s largest pensions market can be harnessed to deliver sustainable, long-term growth over time for Britain......
In this issue: The Pensions Regulator Funding and investment Public sector pensions Daily and weekly news alerts Dates for your diary Trackers The Pensions Regulator TPR publishes climate adaption report 2025 The Pensions Regulator ( TPR) warns that smaller defined contribution ( DC) schemes that fail to act suitably to shield savers’ retirements from climate risk should consider exiting the market. Its climate adaption report 2025 notes that many small DC schemes: do not adequately grasp climate-related financial threats, limiting trustees’ capacity to take long-term, climate-aware investment decisions operate with weaker governance than larger schemes, increasing the chance of poor climate risk oversight and lost adaptation opportunities often find it hard to embed environmental, social, and governance ( ESG) factors within investment approaches, leading to weaker outcomes and greater exposure to climate risks generally have limited...
This year’s stress test will assess the ability of European institutions for occupational retirement provision ( IORPs) to respond to and deal with adverse economic developments. According to EIOPA, the exercise examines how occupational pension schemes react and adjust to rises or falls in interest rates. The authority noted it will look at 'liquidity risks in light of recent years' market episodes' and potential detriment to institutional investors. EIOPA added that two scenarios will be assessed during the stress test. The first, known as......
Alternative investment fund managers directive The FCA, in a call for output, indicated it plans to update the rules that implement the pre- Brexit legacy EU regime known as the alternative investment fund managers directive. The regulator’s intended revisions correspond with government proposals, released the same day, to amend the core legislation for alternative investment fund managers. These managers oversee, among other vehicles, hedge funds and venture capital funds. According to FCA interim markets director Simon Walls, the ambition is to craft requirements better suited to UK investment managers, with the package forming part of broader reforms across the asset management sector. He noted that the changes could help firms operate more efficiently, in turn supporting competition, competitiveness and economic growth. Currently, alternative fund managers with €100m in assets under management, or in some instances €500m, fall under the FCA’s full regime, which brings higher capital...
The PPF has outlined a three-year plan over the next three years, seeking to collaborate with government to lower costs for schemes and employers by updating the rules that determine its external funding. It further stated it would engage with policy makers to initiate a review that might enable pension entitlements for older savers to keep pace with inflation. ‘ The PPF recognises that stakeholders expect movement on the legislation covering its levy and the degree of indexation it pays’, the organisation noted in a press statement. ‘ Although statutory change rests with government, the PPF believes the moment is right to examine a number of important aspects of the PPF’s governing framework’. The PPF added it had ‘reaffirmed its aim to play a proactive role in pinpointing the best approach for members and levy payers, and to move swiftly and...
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When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
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