Define benefit pension schemes rarely sit at the top of your priority list - until they do. Funding volatility, governance burden and balance sheet impact can quickly move pensions from background noise to boardroom concern. At the same time, the range of “endgame” options has expanded, making it harder to know what the right long-term plan looks like.
At 11 years old, the British Business Bank has a new strategic plan, more capital at its disposal, and a new statement of intent. Marc Mullen speaks to its first-ever chief investment officer, Leandros Kalisperas, about the bank’s renewed purpose.
For the first time in two decades, finance leaders can look at their defined benefit pension schemes and feel a sense of calm. Funding levels have improved, volatility has eased and for many companies, the days of emergency board discussions about liquidity or deficits feels like a distant memory.
For most of the last twenty years the UK defined benefit pensions system has been spoken about in terms of fixing problems. Deficits, falling gilt yields, increasing life expectancy and worries about whether sponsors would still be around to support schemes in the long run. Trustees and regulators spent years asking the same question in different ways which was essentially how much more money needs to go in.
Highlights from the broader tax news for the week ending 3 February 2026, including: the publication of a MTD agent toolkit by HMRC; and guidance from HMRC on a new step to take when enrolling VAT into the Business Tax Account.
At the start of 2026, ICAEW has been working with policymakers to find solutions to the potential impact of the Finance Bill on tax advisers, sharing the latest results of the business confidence monitor and informing debate on the Pension Schemes Bill.
What is the 'public balance sheet' and what does it mean for people and businesses? ICAEW experts offer this simple guide on the public balance sheet – the government’s assets and liabilities – why they matter and the future outlook.
The government has published draft legislation to address issues arising from the Virgin Media pension ruling on historic amendments to defined benefit schemes. ICAEW’s Audit and Assurance Faculty explains what the rules mean for pension trustees.
This month, ICAEW engaged with ministers to address issues ranging from employment rights and pensions reform to trade, inheritance tax and business growth.
From 1 September 2025, all pay as you earn (PAYE) claims for pension tax relief must be made online or by post and must be supported by evidence from the pension provider or employer.
Reuben Wales, Head of ICAEW Financial Services Faculty
After more than a decade marked by concerns over rising liabilities, falling gilt yields and underfunding, the UK Defined Benefit Pensions (DB Schemes) sector now finds itself in a stronger, if somewhat more complex, position.
In the second webinar of our audit monitoring insights series, our Quality Assurance Department explored the challenges and common findings from audit monitoring reviews of larger firms handling more complex audits. The session offered practical insights and regulatory updates to help firms enhance audit quality.
Industry stakeholders are encouraged to contribute thoughts on proposed changes to pensions SORP, as work to update the document for the first time since 2018 continues.
Confusion between the employer and the workplace pension scheme provider over which tax relief method to use can cause significant issues. ICAEW’s Tax Faculty explains how the confusion can occur and how to deal with any issues that do arise.
In Revenue & Customs Brief 4 (2025), HMRC has revised its policy on an employer’s entitlement to deduct VAT paid on services relating to the management of assets held by an occupational pension fund.
Managing Defined Benefit (DB) pensions can be complex and costly and schemes that do not have a clear long-term plan could be missing out on opportunities to fully remove risk or release cash surplus. The insurance market is now more accessible than ever, and operational consolidation is levelling the playing field – ensuring smaller schemes gain the scale and efficiency of larger counterparts.
HMRC has updated its international manual to include long-awaited guidance on the tax treatment of lump sum pension payments under the UK’s double tax agreements (DTAs).
Understanding more about common requests for information can make them easier for pension scheme trustees to deal with. Helen Pierpoint and Amelia Pickard share some insights.
