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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 Sole traders, informal partnerships and outdated partnership deeds are common.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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Hymans Robertson LLP In a response dated 20 February 2025 to the FRC’s consultation on proposed updates to the UK Stewardship Code, Hymans Robertson LLP warned that the planned definition could be weakened. The FRC had stated in November 2024 that its refreshed, strengthened definition continues to stress the creation of long-term sustainable value for clients through effective stewardship. This definition sits within a broader suite of suggested amendments to the voluntary code, first set up in 2010 to boost transparency across investments. Chris O' Bryen, investment associate consultant at Hymans Robertson, stated the proposed change risks undermining the Stewardship Code. He argued that taking out the wording diminishes the definition by removing an explicit nod to the environmental and social impacts businesses may have, as well as the scope for asset owners to foster positive, real-world results via stewardship activity......
In this issue: The Pensions Regulator Scheme amendments Taxation Members and benefits Daily and weekly news alerts Dates for your diary Trackers The Pensions Regulator TPR confirms shift towards prudential regulation when outlining plans for 2025 In a 17 February 2025 blog, the Pensions Regulator ( TPR) signalled it will go further in 2025 to manage risks impacting the broader pensions market and the financial ecosystem, following its 2024 move towards a more prudential supervisory stance. TPR plans to tackle risks at both scheme level and across the market, with a clear emphasis on protecting, enhancing and innovating in savers’ interests. It will push ahead with the joint value for money framework, address climate-related risks, raise standards of trusteeship, and issue guidance on alternative models for defined benefit ( DB) schemes. This wide-ranging programme underscores collaboration with industry stakeholders and a focus on long-term outcomes for savers rather than tick-box...
TPR to go 'further' on prudential regulation for the wider market Nausicaa Delfas, chief executive of TPR, wrote in a blog that the regulator will go 'further' than the blueprint set out in November 2024, shifting towards a prudential model that scans the wider market as a whole, instead of merely tackling risks at an individual scheme level. Last year, TPR said its role as regulator would evolve as pension schemes consolidate into much larger megafunds, effectively becoming too big to fail. Delfas said at the time that TPR would adopt a prudential approach to market supervision, akin to the Bank of England's role as it manages banks and insurance companies. On 17 February 2025, the chief executive warned that, if collaboration with the industry does not address challenges across the sector, 2025 will be characterised by regulatory...
Isio reported it had canvassed 15 defined contribution master trust providers and discovered that the majority intended to allocate between 21% and 40% to UK illiquid holdings such as infrastructure and property. Successive governments have sought to tap the UK pensions sector, worth around £3trn, to direct more capital at home in a bid to kick-start economic recovery. George Fowler, a partner at Isio, said their findings indicate a pronounced shift towards larger exposures to illiquid assets across defined contribution master trusts......
Targeted support in pensions The SPP, in its response to the FCA’s consultation on proposals for targeted support in pensions, set within the AGBR, confirmed it is in favour of the plans. The proposed targeted support would offer general guidance to groups of consumers, rather than tailored, personalised financial advice for savers, which can frequently be ruled out by its cost. The consultation followed statements from the FCA that it wished to make the boundary clearer between the kind of free guidance that pension providers are able to give and advice that falls within regulation. The FCA added, in December, that 75% of workers aged over 45 still lack a clear retirement plan......
What is the background to the FCA's policy statement? A pensions dashboard is a secure online platform letting people view all their pensions in one place. DWP Guidance requires trustees of in-scope and FCA‑regulated schemes to have regard to a staged connection timetable: largest schemes by 30 April 2025, smallest by 31 October 2026. A Money Helper-backed government dashboard will be publicly available for connections, with commercial dashboards expected to follow. As private entities may provide these services, robust consumer protections and regulatory safeguards are needed. Therefore, operating a pensions dashboard service ( PDS) is being brought within the FCA’s remit. In Spring 2024, the FCA consulted on the regulatory framework for PDS operators. Firms intending to run a PDS must: be or become FCA authorised obtain the FCA’s permission to undertake the new regulated activity meet the FCA’s requirements for firms undertaking this...
The insurance trade body said that Annuity purchases, which transform a saver’s pension pot into a guaranteed income for life, climbed by 24% in 2024 to 89,600, setting a new ten‑year high. In 2023, annuity sales totalled £5.2bn, with 72,200 contracts completed, according to the ABI. The last high point was in 2014, when £6.9bn of annuity contracts were sold. That milestone followed the government’s announcement of pension freedoms, allowing (largely defined contribution) pension scheme members to draw on their savings before reaching retirement. Those aged 65 were the most frequent annuity buyers, accounting for 20% of all sales......
Polling 1,000 adults on 29 January 2025 for retirement savings platform Pension Bee, 11% reported feeling 'comfortable' with AI in the lead, yet they still resisted full automation and were not ready to cede all decision-making just yet. The research, highlighted on Pension Bee’s blog on 12 February 2025, revealed strong support for a blended model of pension customer service, with 79% of participants favouring this option overall instead. Luis Mejia, Pension Bee’s vice president of data, noted in a statement that the findings indicate pension savers regard AI as useful, but the technology is not yet capable of fully supplanting human know-how. Mejia added that savers want the best of both worlds: quicker service and round-the-clock availability, with reassurance from human oversight......
TPR warned that numerous long-term savings firms are merely meeting the lowest bar for regulatory compliance. The caution followed the celebrity-fronted Make My Money Matter unveiling ratings for the 12 biggest UK pension providers, exposing that £88bn of UK pension savings are invested in fossil fuel sectors. Mark Hill, TPR’s climate and sustainability business lead, stressed that climate change will influence the long-term performance of pension investments over time......
In this issue: The Pensions Regulator Members and benefits Public sector pensions Daily and weekly news alerts Dates for your diary Trackers The Pensions Regulator TPR strengthens anti-fraud initiatives to combat pension scams In a new blog post, The Pensions Regulator ( TPR) details upgrades to its anti-scam work, prioritising richer intelligence gathering and closer cross-agency cooperation. Through the multi-million-pound Scam Smart campaign with the Financial Conduct Authority ( FCA), and creative moves such as the pension-scam storyline on BBC’s East Enders, TPR has warned millions of savers about scam risks. Its Pledge to combat pension scams has likewise raised industry expectations, with schemes covering millions of members committing to stronger prevention steps. In concert with partners, TPR’s anti-fraud efforts span prevention, disruption and sanctions, underpinned by stronger legislation, the dismantling of fraudulent business models, prosecution of...
The FRC stated a nearly 300-strong cohort of businesses subscribed to the code accounts for over £52trn of assets under management, comprising 199 asset managers, 77 asset owners and 21 service providers. The cohort, up from the 273 disclosed in February 2024, now counts pension insurer Rothesay and life insurance and retirement savings company Scottish Widows among its number, according to the announcement......
On 6 February 2025, TPR advised trustees to also take into account the climate robustness of their scheme’s pension holdings when arranging a buy‑out of liabilities with an insurer. It added that evaluations should be undertaken using a voluntary, non-binding charter produced by the Accounting for Sustainability group, or A4S, first issued in February 2024. The group was established by King Charles in 2004, when he was the Prince of Wales. As its website states, it also seeks to motivate finance leaders to catalyse a fundamental shift towards resilient business models and a sustainable economy......
Mr H ( CAS-50353- Y4X5) What are the practical implications of the Ombudsman’s decision? In this regrettable tale, Mr H found himself on the receiving end of numerous mistakes and slack scheme administration, a pattern that, as history records, was rife through the 1990s and beyond. The fundamental failing, as with many pension arrangements of that era, was the assumption that amendments could validly be introduced via informal notices to members, with no heed paid to the requisite formal and statutory requirements governing amendments to the scheme. The Pensions Ombudsman’s determination sits among a long line of decisions arising from that mindset, addressing the fallout of such practices, and serves as a clear warning to scheme administrators and their advisers that strict, letter‑perfect adherence to the scheme rules is essential. To the scheme’s credit, it eventually recognised its historic missteps and sought advice from...
In this issue: Pension Protection Fund Personal pensions Scheme merger Members and benefits Daily and weekly news alerts New content Dates for your diary Trackers Pension Protection Fund PPF levy ceiling for 2025/26 announced The Pension Protection Fund and Occupational Pension Schemes ( Levy Ceiling) Order 2025 ( SI 2025/103) raises the levy ceiling that the Board of the Pension Protection Fund ( PPF) may collect for the 2025/26 levy year. Under s 177 of the Pensions Act 2004, the Secretary of State is obliged to set a ceiling, preventing the PPF from increasing the pension protection levy beyond a prescribed maximum. The ceiling is reviewed each year to reflect the general level of earnings in Great Britain (unless earnings show no rise) and is published annually through a new Order. The Pension Protection Fund and...
What was the background to the PPF's consultation on the 2025/26 levy rules? The Pension Protection Fund ( PPF) is financed through a levy charged to all defined benefit pension schemes. What each scheme pays depends partly on its size and partly on the likelihood of it entering the PPF, assessed by both the scheme’s funding position and the sponsoring employer’s insolvency risk. Every year, before the levy is applied, the PPF runs a consultation setting out proposals on the total levy it expects to collect and the approach for allocating charges to individual schemes. Although the core methodology typically remains broadly consistent year on year, the consultation details adjustments to key assumptions and identifies specific elements of the methodology that are being revised. What was the outcome? The consultation was conducted from 12 September to 23 October 2024, and the outcome was issued, a little later than...
R (on the application of Chong and others) v Financial Services Compensation Scheme Ltd [2024] EWHC 3374 ( Admin) What are the practical implications of this case? This judgment underscores that any bright-line policy will inevitably produce winners and losers, yet it may still be lawful so long as it is rational. Though obiter, the court’s remarks on the FSCS policy concerning appeals from pre‑ April decisions are noteworthy: while elements of the approach might be rational, albeit severe, it could nonetheless operate arbitrarily, such as where appeal rights were curtailed even for those who had only just received their decision letters. The court ultimately found it unnecessary to reach a concluded view on that matter, because the judicial review failed: allowing the claim to proceed would have constituted an abuse of process by permitting an out‑of‑time collateral challenge to the underlying policy in a...
The Department for Work and Pensions signalled an intent to overhaul what it described as ‘outdated rules’ that currently stop the PPF cutting its levy beneath a £100m-a-year floor. Delivering this change needs primary legislation through Parliament, and commentators expect ministers to fold the measures into the forthcoming Pension Schemes Bill, anticipated in Spring 2025. The initiative follows the government’s move to permit corporate sponsors of pension schemes to draw down funding surpluses for reinvestment in their companies. “ This proposal, alongside our ambition to unlock billions of surplus from defined benefit pension schemes, demonstrates we are laser focused on the long-term reforms that will expand our economy,” said Torsten Bell, Minister for Pensions......
In this issue: Pension Protection Fund Funding, surplus and investment Members and benefits Taxation Scheme governance Daily and weekly news alerts Dates for your diary Trackers Pension Protection Fund PPF’s 2025/26 levy estimate reduced to £45m while government proposes to legislate for greater levy flexibility The Pension Protection Fund ( PPF) issued its policy statement and 2025/26 levy rules on 30 January 2025, confirming an agreed cut in the 2025/26 levy estimate to £45m—down from the £100m figure consulted on between 12 September and 23 October 2024—delivering the lowest levy ever. The PPF indicates that virtually all schemes—99.7 per cent—are expected to pay a reduced PPF levy in 2025/26, with the average levy as a share of liabilities falling from 0.011% to 0.006%. Responding to industry feedback, and following engagement between the PPF and the government, the government has also formally announced that it is considering measures to give the PPF greater...
Prime Minister Keir Starmer and Chancellor Rachel Reeves have set out plans to remove constraints on well-funded DB pension schemes, aiming to unlock capital for investment in UK firms as part of the Labour government’s broader push to drive growth. Surpluses across DB schemes have climbed sharply in recent years. According to the government, around 75% of schemes are now in surplus, collectively valued at about £160bn. Yet, under current rules, a large portion of these assets remains tied up and unavailable for investment. Ministers want to permit pension trustees and sponsoring employers to put these funds to work to lift the productivity of their businesses. ‘ This more efficient approach shows the government has listened to business, and will provide firms with greater flexibility, allowing locked-in surplus to be invested across the wider UK economy, or distributed to scheme members as...
His Majesty’s Revenue & Customs ( HMRC) announced that a forthcoming change, scheduled to take effect in April 2025, will ensure individuals drawing a private pension for the first time pay the correct amount of tax from the outset. In the January 2025 Pension Schemes Newsletter, HMRC also stated it had refunded £49.5m over the period from October 2024 through to December 2024......
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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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