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United Kingdom

UK pensions: indefinite EMIR clearing exemption for pension funds; DWP adequacy review phase two; TPO OMR priorities and pension liberation transfer determinations; Pension Schemes Bill tracker and key dates

Published on: 12 June 2025

Published by a LexisNexis Pensions expert
Legal News
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In this issue:

  • Investment
  • Members and benefits
  • Pensions Ombudsman
  • Fresh content
  • Daily and weekly news updates
  • Key dates for your diary
  • Trackers

Investment

Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025

On 11 June 2025, the Pension Fund Clearing Obligation Exemption (Amendment) Regulations, SI 2025/670, took effect. Notably, these rules grant pension funds an indefinite exemption from the UK EMIR requirement to clear certain derivative contracts (the clearing obligation).

In detail, the regulations:

  • amend the transitional provision in Article 89(1) of Assimilated Regulation (EU) 648/2012 (UK EMIR) and the Council text of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, which exempts specified pension fund derivative contracts from the clearing obligation set out in Article 4 of UK EMIR
  • remove the current 18 June 2025 sunset for the clearing exemption and the power for HM Treasury to extend the exemption by up to two years at a time, as such a mechanism is unnecessary once the exemption has no expiry

This policy will continue to be monitored in coordination with UK regulatory authorities

...

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