Our latest insight provides an update on the timings of several current government initiatives, TPR’s intervention on a scheme valuation, updated dashboards standards and the Vote Reporting Group’s new voting template.
Minister for Pensions confirms timing of various initiatives including Pensions Bill
On 11 March 2025, the Minister for Pensions, Torsten Bell, confirmed the expected timings of a number of current government pensions initiatives.
- Phase one of the defined contribution and Local Government Pension Scheme investment review final report: to be finalised in the ‘coming weeks’ – see our insight.
- Pensions Bill: before the summer recess – see our insight.
- Defined benefit (DB) surplus flexibilities in the Options for DB schemes consultation response: this spring – see our insight.
- Flexibility for the Pension Protection Fund to reduce the levy: being considered – see our insight.
TPR regulatory report on intervention taken following failure to agree scheme valuation
On 11 March 2025, the Pensions Regulator (TPR) published its regulatory intervention report on the steps taken by TPR regarding a failure to agree the 2019 triennial valuation of the MGN Pension Scheme (5,490 scheme membership, £842m assets as at 2016). After TPR became involved, the sponsoring employer and the scheme agreed both the 2019 and the 2022 valuations without TPR having to use its Pensions Act 2004 interventional powers. The scheme will receive annual deficit recovery contributions of £46m from 2023 to 2028, compared to £41m per annum under the preceding recovery plan.
The powers that TPR can use when trustees and a sponsoring employer cannot reach an agreement on a valuation include the power to modify future benefit accrual, make directions on how the technical provisions should be calculated, direct the remedy period for meeting the statutory funding objective, direct revision of a scheme’s funding and investment strategy, and impose a schedule of contributions. TPR will generally avoid using its interventional powers if agreements can be reached without it having to do so.
Updated dashboards standards published
Following confirmation that the pensions dashboards standards had been approved by the Secretary of State for Work and Pensions, updated standards (data, technical, reporting and the code of connection) were published on 13 March 2025. Each standard also contains a changelog detailing the changes made since the last publication.
Vote Reporting Group and PLSA asset manager vote reporting template to be produced
The Vote Reporting Group was set up by the Financial Conduct Authority in 2022 to assist in improving both the information provided by asset managers and the transparency of their voting practices for stewardship purposes.
It consulted on consistent vote reporting in 2023 and has now published a Feedback Statement. This has resulted in the setting up of a voluntary vote reporting template that has been assimilated with the Pensions and Lifetime Savings Association’s (PLSA’s) existing template to create a new document. The template will be owned by the PLSA, comply with the Department for Work and Pensions (DWP) statutory guidance and should be ready to use by early 2026. It should help trustees produce their implementation statement for insertion in the annual report and accounts. Click here for the PLSA’s FAQs document on the template.