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.
ECCTA: changes to company register requirements
The government has announced that more changes under the Economic Crime and Corporate Transparency Act 2023 (ECCTA) will come into force on November 18, 2025 (following the announcement that identity verification requirements will apply from that date):
- companies will not need to hold registers of directors, directors' addresses, secretaries or people with significant control (PSCs). This information must still be registered and updated with Companies House;
- business occupation for company directors (or equivalent) will no longer need to be provided when registering their appointment with Companies House; and
- companies will still have to hold a register of shareholders (members). If a company previously held its register of members at Companies House, it will need to create and maintain its own register.
Read the government's announcement.
TPR blog post: trustees' role in encouraging good DC retirement outcomes
The Pensions Regulator (TPR) has published a blog post looking at how trustees should help DC savers to achieve better retirement outcomes. TPR encourages schemes to consider more bespoke defaults, tailored support, smarter decumulation strategies and clearer guidance. The blog post sets out three immediate action points for schemes: engaging with members to help shape strategies; promoting trusted guidance such as Pension Wise and Money Helper; and preparing for upcoming changes arising from dashboards, guided retirement and a more engaged membership.
TPR urges schemes and providers to engage with the FCA's consultation on targeted support, as well as the Pensions Commission's review of adequacy.
Read the TPR blog post.
High Court: 'children' can include non-biological children
The High Court has found that the word 'children', used to define beneficiaries in a discretionary trust document, included a non-biological child. The facts of the case were that the settlor of the trust, Mr Marcus, had two apparent sons, Jonathan and Edward, but (unbeknownst to him) he was not the biological father of Edward. The two boys were brought up believing themselves to be full brothers. Edward was told about his paternity by his mother in 2010, but this information was not passed on to Mr Marcus. Jonathan was informed in 2023. aoshearman.com A discretionary trust was set up in 2003, which took effect on Mr Marcus' death and included his 'children' as potential beneficiaries. Mr Marcus died in 2020. Jonathan claimed that Edward should not be included as a beneficiary under the trust, since he was not Mr Marcus' biological child. The High Court rejected that argument. The judge reasoned that, although the starting position should be the natural meaning of the word 'children', which would mean biological children, that meaning was capable of being displaced by context. He found that in this case the context did displace that ordinary meaning, taking into account factors including that Mr Marcus considered Edward to be his child; Edward was treated for practical, familial and all other purposes as a biological child; and the trust was 'intended to operate in the real world and in that real world ([Mr Marcus'] real world in particular) Edward was [Mr Marcus'] child.'
The finding here is specific to the facts; however, it does highlight the need for trustees to carefully consider the meanings of definitions of beneficiaries and take context into account, in particular in complex family situations.
Read the case.
Save the date: Pensions Academy Online, Tuesday 7 and Thursday 9 October 2025
We are excited to announce our upcoming Pensions Academy Online sessions, taking place on Tuesday 7 and Thursday 9 October 2025. Each webinar begins at 9.30am and will last approximately one hour. We will be covering:
Legal update – Tuesday 7 October 2025
We'll round up all the latest developments and outline what's on the pensions horizon.
Pensions 2030 and beyond: preparing now for the future landscape – Thursday 9 October 2025
The Pension Schemes Bill, currently going through Parliament, heralds significant change across the UK pensions landscape and more could be coming down the tracks. We'll look at how the big picture fits together, from the perspectives of trustees, employers and members, to help you plot a route from here to there.
If you would like to attend, please register here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
