UK Pensions: What's new this week? November 17, 2025

Updates to professional sole trustee code

The Association of Professional Pension Trustees (APPT) has published an updated version of its Code of Practice for its members who are professional corporate sole trustees of pension schemes. The new code will take effect on January 1, 2026. Updates include stronger and more detailed requirements in relation to: due diligence when considering an appointment, independence and conflict management, and decision-making governance. This follows an announcement from the Pensions Regulator (TPR) that it is looking to extend its oversight of professional trustees and a statement from the government that it intends to consult on trustee accreditation and governance this year.

Read the updated Code of Practice.

FRC report on preparing for updated Stewardship Code

The Financial Reporting Council (FRC) has published a report intended to support signatories of the UK Stewardship Code to prepare to comply with the updated version, which will come into effect on January 1, 2026 (although there will be a one-year transition window, meaning that signatories will retain their status of complying with the code through 2026). The report gives guidance on complying with various requirements in the code and includes a number of examples of good practice.

Read the report.