Pensions law update: July 2025

Welcome to our July pensions law update.

What a month it’s been for the pensions industry! It turns out that our June newsletter went to press on a seismic day for UK pensions, as the “game-changing” Pension Schemes Bill was published, alongside a roadmap setting out the path for reform for the next five years and beyond. And, as if that wasn’t enough, 5 June was also the day the DWP gave us a long-awaited update on the implications of the Virgin Media section 37 decision which has caused so many headaches for schemes and employers over the past year.

No surprise then that a number of the articles in this month’s edition focus on these developments, but there has been plenty of news on the “business as usual” front too. We also bring you updates on a first-of-its-kind superfund transaction, the developing CDC market, the impact of two recent legal developments on the use of AI in the pensions sector and an important change in HMRC policy on the recovery of VAT on pension scheme investment costs.

Away from our desks the Pensions and Lifetime Savings team have been undertaking a marathon canoeing challenge to raise money for the fantastic Young Bristol charity – more details below!