30 June 2025
12 min
Please see excerpts below from this month's Current Issues. Click here to read the full publication.
The Government has introduced the much-anticipated Pension Schemes Bill to Parliament, putting the wheels in motion on large-scale pension reforms affecting Defined Contribution (DC) and Defined Benefit (DB) pension schemes, including the Local Government Pension Scheme (LGPS). It’s likely to receive Royal Assent in 2026, with secondary legislation required to bring provisions into force and add the all-important detail.
The Pensions Regulator has published guidance on endgames for trustees and sponsors of defined benefit (DB) schemes. This includes run-on, buy-out, superfunds and capital backed solutions, as well as wider governance solutions. It emphasises the importance of determining the most suitable approach for each scheme's unique circumstances.
His Majesty’s Revenue and Customs (HMRC) has announced a significant change of policy on the ability of employers to deduct the value-added tax (VAT) incurred in running their defined benefit (DB) pension schemes. More details should emerge by the autumn.
The Pension Protection Fund (PPF) has decided to wait to see how the Pension Schemes Bill progresses before deciding whether to drop the 2025/26 levy. There'll be an update at the end of July 2025.
In a letter to the Chair of the House of Commons Work and Pensions Committee, the Pensions Ombudsman says that he will close down his special Pensions Dishonesty Unit (PDU) in October 2025, when funding for the pilot initiative ceases. He also highlights a recent court judgment, and its potential restrictive effect upon his jurisdiction over public-sector injury-compensation schemes.
A round-up of several interesting decisions at the courts, and from the Pensions Regulator, from June 2025.
Important excerpts from the 'At a glace summary' covering the Data (Use and Access) Act 2025 which received Royal Assent on 19 June 2025.
Highlights from a speech on the Changing Nature of Trusteeship by the CEO of the Pensions Regulator.
Highlights from the Pension Schemes Newsletter 170 and the June 2025 edition of the Public Service Pensions Remedy newsletter.
A summary of the news that the fraud compensation levy is being held at the same level for 2025/26—the maximum permitted under the legislation.
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This communication has been compiled by Hymans Robertson LLP® (HR) as a general information summary and is based on its understanding of events as at the date of publication, which may be subject to change. It is not to be relied upon for investment or financial decisions and is not a substitute for professional advice (including for legal, investment or tax advice) on specific circumstances. HR accepts no liability for errors or omissions or reliance on any statement or opinion. Where we have relied upon data provided by third parties, reasonable care has been taken to assess its accuracy however we provide no guarantee and accept no liability in respect of any errors made by any third party.
Download our Current Issues July 2025 here
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