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.
Pension Schemes Bill call for evidence
The House of Commons Public Bill Committee has launched a call for evidence, asking for views on the Pension Schemes Bill from those with relevant expertise and experience or a special interest in the policy areas covered by the Bill. Input is requested before the committee begins a line-by-line review of the Bill on September 2, 2025, with a report due on October 23, 2025. Anyone considering submitting written evidence is 'strongly advised to do so as soon as possible, as the committee can conclude its considerations earlier than the expected deadline'.
TPR to develop net zero transition plan template
The Pensions Regulator (TPR) has launched a working group to develop and test a voluntary net zero transition plan template. The group, comprising trustees, advisers and professional bodies, will build on the work of the UK Transition Plan Taskforce to produce a template designed specifically for occupational pension schemes.
The government recently launched consultations on requiring financial institutions to develop transition plans, and the intention is that pension schemes should fall within scope of these requirements. TPR aims to deliver a template in advance of any legislation and emphasises that transition plans can help schemes manage climate-related risks, capitalise on sustainable investment opportunities, and support the UK's 2050 net zero target. The template will be submitted to the Department for Work and Pensions later this year.
Updated PASA data matching guidance
The Pensions Administration Standards Association (PASA) has published an updated version of its Data Matching Convention Guidance, intended to help schemes with setting criteria for data matching required for pensions dashboards. The updates to the guidance include:
- Consideration of the role of unique identifiers in matching criteria, following confirmation that National Insurance numbers will not be the only core unique identifier provided;
- Updates reflecting the development of industry views on what provides an acceptable level of certainty for a data 'match'; and
- Emphasis on the need to target 'possible match' responses.
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