Pensions Weekly Update – 28 May 2025 | Publications | Insights & Events

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Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information.

The Department for Work and Pensions (DWP) has confirmed that the forthcoming pension schemes bill will include provisions to facilitate the release of surplus – “trustees and employers will soon be able to safely release part of this surplus to boost investment and benefit scheme members”. The pension schemes bill is not yet listed as an item of business in the Parliamentary agenda, but it is expected to make an appearance in the next few weeks, before the House of Commons breaks for its summer recess on 22 July 2025.
The Pensions Administration Standards Association (PASA) has published new guidance on identity management and assurance. The guidance aims to set out best practices for administrators to mitigate identity-related fraud, bolster member protection and future-proof processes in an increasingly digital landscape.
The pensions conditions for transfer regulations, which were made in 2021, continue to cause a few issues for trustees, administrators and members in relation to pension transfers. In response to a question asked in Parliament, Torsten Bell has said that “The department is working with regulatory bodies, the pensions industry and other stakeholders to identify and explore potential changes to pension transfer processes that will enable greater efficiency, whilst providing savers with effective consumer protection………. Additionally, DWP officials have conducted work with other government departments, pensions institutions, consumer organisations and the pensions industry to consider if the practical application of the Conditions for Pension Transfer regulations could be improved, whilst retaining appropriate levels of protection for pension scheme members.”
The Impact Investing Institute, Pensions for Purpose and Global Impact Investing Network has published updated Impact Investing Principles. The principles aim to encourage pension schemes to provide a refreshed, practical framework for aligning investment decisions with long-term impact and fiduciary duty. The refreshed principles note that they reflect the changing landscape of impact investing, evolving legal and regulatory realities that pension schemes operate under, as well as lessons from five years of market experience.
Have you seen our Summer Hot Topics in Pensions? We explore some fabulous European cities, while highlighting hot topics for your trustee and corporate agendas.
In this article, Lynn Housecroft takes a look at the quiet revolution that is happening in the pensions industry, as it starts to embrace the use of artificial intelligence for more than just number crunching.