Current Issues August 2025

Just Group to be acquired by Brookfield

It has been announced that Brookfield Wealth Solutions will acquire Just Group. Just (which has been a leading provider of buy-in and buy-out solutions) and Brookfield (which set up the Blumont brand as a rival to Just) will form a consolidated insurance group under Just’s brand, targeting growth in pension risk transfer and annuities, supported by Brookfield’s capital, and investment expertise.   This follows the recent announcement that Pension Insurance Corporation (PIC) is to be acquired by Athora, a European savings and retirement services group.

PPF Administration Levy Reintroduced

Following a two-year suspension, the Pensions Regulator has resumed invoicing PPF-eligible schemes for the PPF administration levy. Despite prior recommendations to abolish the levy and allow costs to be met from the main fund, no legislative change has yet occurred. The levy remains set by long-standing regulations based on scheme membership size. The reintroduction of the PPF Administration Levy was not formally announced and schemes will notice that this levy invoice, which includes TPR’s General Administration levy and the Fraud Compensation Fund levy, is much larger than last year (which did not include the PPF administration levy).

PPF Risk-based Levy Invoicing on Hold

The PPF has confirmed that invoicing for the risk-based 2025/26 levy year is on hold, maintaining the possibility that a zero levy could be applied. While the PPF’s current levy rules target £45million in collections—half of last year’s amount—they include a provision to reduce this to zero if relevant legislative changes progress. The Pension Schemes Bill, which includes provisions related to the risk-based levy, is expected to be debated in Parliament during the autumn, and the PPF has stated it will await further developments before making a final decision.

In its 2024/25 annual report, the PPF reported a funding ratio rise to 177.7%, up from 166.5%. Although assets under management fell to £32.2bn, liabilities dropped further to £18.1bn, increasing the surplus to £14.1bn. The report marks the PPF’s 20th anniversary.                                  

PLSA Rebrands as Pensions UK

The Pensions and Lifetime Savings Association is now Pensions UK. Alongside the rebrand, it launched a five-year strategy focused on improving retirement outcomes, supporting savers through a simple and digital-first system, and influencing policy. It also raised concerns about affordability, retirement adequacy, and investment mandates from the Government that could undermine the long-term interests of savers.

Inheritance Tax and Pensions

HMRC has rethought its original proposal to make scheme administrators responsible for the application of IHT to unused pension death benefits. Responsibility will rest with the personal representatives of the deceased. Full details are still to be settled before the proposals come into effect in 2027.