Welcome to your weekly update from the A&O Shearman pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions.
TPR publishes DB landscape 2024
The Pensions Regulator's annual overview of the occupational DB and hybrid scheme landscape shows continuing trends of year-on-year reduction in the number of schemes and in the number of scheme memberships, together with improvements in funding levels. 80% of DB and hybrid schemes are in surplus on a technical provisions basis in 2024 (up from 77% in 2023).
Read the Occupational defined benefit landscape in the UK 2024 review.
PPF publishes latest Purple Book
The Pension Protection Fund has published its latest annual Pensions Universe Risk Profile (known as the Purple Book). This tracks trends in DB scheme funding, demographics, asset allocation, and more. Like TPR's DB landscape publication, the Purple Book notes an improvement in scheme funding on both a section 179 and full buyout basis. Among other data, it notes a reduction of around a third in the number of contingent assets submitted to the PPF for the 2023/24 levy year and highlights a record GBP60 billion of risk transfer deals (buy-ins, buyouts and longevity swaps) in 2023.
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