Pensions snapshot - May 2025

The topics covered in this edition are:

• Considerations for trustees in response to Trump's tariffs, whether relating to volatility in investment markets, potential impacts on employer covenant, and considerations for member communications;
• The Mansion House Compact II and how it differs from the original Compact;
• The latest announcement regarding Collective Defined Contribution schemes;
• An update on pensions dashboards and considerations for sectionalised schemes;
• The April 2025 Supreme Court case on the definition of "woman", and potential implications for pension schemes and the calculation of benefits;
• A trustee-favourable Court decision on the availability of recission where a mistake as to the tax consequences of actions has been discovered; and
• Short observations on the Pensions Regulator's speech at Professional Pensions Live and on expectations for DB surplus provisions in the Pension Schemes Bill.