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PRESS RELEASE : Innovative ‘collective’ pension funds to deliver higher incomes and lower risks for future pensioners [April 2025]
The press release issued by the Department for Work and Pensions on 29 April 2025.

Pensioners of the future will benefit from innovative ‘collective’ pension schemes to boost their income in retirement and productive investment across the economy, under plans announced today.
- Wide reaching reforms to make innovative “collective” pension funds more commonplace will reduce risk and volatility for savers.
- Collective Defined Contribution (CDC) schemes pool investment and longevity risks, unlocking productive investment potential as well as supporting more predictable returns for savers at no extra cost for employers.
- With new regulations to allow for multiple employer CDCs planned for the Autumn, more savers are set to benefit from CDCs as part of the Government’s Plan for Change.
More people than ever are saving into a workplace pension – £28 billion more in 2020 than in 2012 – with most of these pension pots being Defined Contribution (DC) schemes, where the employee is automatically enrolled to save a proportion of their salary tax-free and the employer contributes at least 3% of their salary to the pot too.

But a lack of innovation and reform of the DC savings landscape risks some future pensioners bearing large risks, in terms of the value of their investments and whether their savings will provide an income throughout their retirement.

Collective Defined Contribution (CDCs) are a new type of pension scheme that sees both the employer and employee contribute to a collective fund. Due to the scale of these funds and the pooling of risk for members, they can aim to provide a target pension income for life – similar to Defined Benefit (DB) schemes, sometimes called an average or final salary pension, but without the risk of significant unexpected bills for employers.

In the UK, Royal Mail have already launched a CDC scheme for their employees which has over 100,000 members who are offered a combination of a cash lump sum and an income for life in retirement.

Speaking at the LCP Conference in London today, the Minister for Pensions confirmed new regulations, set to be laid in the Autumn, will allow for multiple employer CDC schemes to be established, so that a range of unconnected employers can pool their employees’ pension pots into a collective fund, boosting returns for savers.

These pooled pension investments will mean higher incomes in retirement, and help individuals manage the uncertainty about how long that retirement will be. These measures will provide more options for savers and employers to choose between and are part of wider reforms to the pensions landscape, as part of our Plan for Change to put more money into people’s pockets.

Minister for Pensions, Torsten Bell said:

Success in the world of pensions isn’t just about getting people saving, it’s ensuring their savings work as hard as possible for them.

Making sure more employers and savers have the option of an innovative Collective Defined Contribution Pension scheme is an important part of making that happen.

Too often at present we are leaving individuals to face significant risks, about how their individual investments perform and how long their retirements last. Pooling some of those risks will drive higher incomes for pensioners and greater investments in productive assets across the economy.

The Minister also confirmed his desire to deliver decumulation only CDC schemes. These schemes would allow certain savers with DC schemes to access CDCs, offering retirees the chance to buy longer term, pooled retirement products that deliver stability for pensioners.

Modelling from the PPI suggests that single employer CDCs could deliver a significantly greater average replacement rate (47%) than currently delivered through annuities (40%) with even higher benefits seen for multi-employer CDCs as longevity risks are pooled. (69%).

And due to their size, CDCs can also be a more efficient vehicle for economic growth, with similar collective funds in Canada and Australia having proved an efficient way of supporting economic growth, investing in a wider range of sectors and assets.

CDC schemes can invest in illiquid and more productive investments over the long term, including in UK businesses and infrastructure projects, supporting the Government’s growth mission while providing employers with greater freedoms as well as reducing the risks of over or under spending in retirement by paying pensioners based on life expectancy.

These measures aim to drive economic growth and improve retirement outcomes for working people as part of the Plan for Change.

Today’s announcement will provide clarity to the industry ahead of the upcoming Pensions Investment Review and Pension Schemes Bill, and in time give working people and employers a new option when considering what pension scheme works best for them
April 30, 2025
PRESS RELEASE : Universal Periodic Review 49 – UK Statement on Lao People’s Democratic Republic [April 2025]
The press release issued by the Foreign Office on 29 April 2025.

Statement by the UK’s Ambassador for Human Rights to the UN, Eleanor Sanders, at Lao PDR’s Universal Periodic Review at the Human Rights Council in Geneva.

Thank you Mr Vice President.

The United Kingdom welcomes the Lao PDR’s engagement with UN human rights mechanisms and its efforts to address human rights challenges. We are pleased with the inclusion of the Convention on the Elimination of All Forms of Discrimination against Women in Laos’ action plans.

However, the UK remains concerned over restrictions on freedom of expression, assembly and religion. We are also concerned by limited land rights for vulnerable communities and the worsening issue of human trafficking linked to serious organised crime.

We urge the Government to act on these issues and uphold its international obligations. In particular, we recommend that Laos;
1. Takes immediate steps to protect and promote civic space, ensuring that all individuals can freely exercise their rights without fear of reprisal.
2. Ensures that development projects respect the rights of affected communities, including noting the principle of free, prior and informed consent.
3. Implements its international obligations under the Protocol to Prevent, Suppress and Punish Trafficking in Persons, especially women and children and to collaborate with regional and international partners to address this issue.
Thank you.
April 30, 2025
PRESS RELEASE : New cryptoasset rules to drive growth and protect consumers [April 2025]
The press release issued by HM Treasury on 29 April 2025.

Changes support innovation while cracking down on fraudsters.
- Clear new rules to give investors confidence and protect consumers
- Chancellor also reveals discussions with US about supporting the use and responsible growth of digital assets, as Government works in national interest to drive growth through Plan for Change
Firms offering services for cryptoassets like Bitcoin and Ethereum will be subject to new, clear rules, boosting investor confidence and driving growth through the Plan for Change.

At a major summit in London to mark UK Fintech Week, the Chancellor revealed that the UK has published draft legislation for regulating cryptoassets – better protecting millions of people across Britain.

Around 12% of UK adults now own or have owned crypto, up from just 4% in 2021. But too often, consumers have been left exposed to risky firms and scams.

Under the new rules, crypto exchanges, dealers and agents will be brought into the regulatory perimeter — cracking down on bad actors while supporting legitimate innovation. Crypto firms with UK customers will also have to meet clear standards on transparency, consumer protection, and operational resilience — just like firms in traditional finance.

The Chancellor also revealed that the UK and US will use the upcoming UK – U.S. Financial Regulatory Working Group to continue engagement to support the use and responsible growth of digital assets.

This follows discussions in Washington between the Chancellor and the US Treasury Secretary, Scott Bessent, where they also discussed opportunities to support businesses to innovate on both sides of the Atlantic. This includes looking at ideas for how we could allow for greater collaboration on digital securities between the UK and US, including the proposals put forward by SEC Commissioner Hester Peirce for a transatlantic sandbox for digital securities.

Rachel Reeves, Chancellor of the Exchequer, said:

Through our Plan for Change, we are making Britain the best place in the world to innovate — and the safest place for consumers. Robust rules around crypto will boost investor confidence, support the growth of Fintech and protect people across the UK.

Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability.

The Chancellor also announced that the government will publish the first-ever Financial Services Growth and Competitiveness Strategy on 15 July, alongside her Mansion House speech. This will support the financial services sector’s long term growth, with Fintech identified as a priority sector, and help it finance investment and growth across the UK.

The government will bring forward final cryptoasset legislation at the earliest opportunity, following engagement on the draft provisions with industry.

More information
- The UK’s Financial Conduct Authority (FCA) consumer research found that around 12% of UK adults owned crypto in 2024, up from 4% in 2021.
- The 2023 Treasury consultation proposed bringing a wide range of cryptoasset activities — including exchanges and custody services — within the UK’s financial services regulatory perimeter.
- The government remains committed to making the UK a global hub for digital asset technologies, aligned with the Plan for Change to drive growth, innovation and security.
April 30, 2025
NEWS STORY : Charity Commission CEO Celebrates Trustees’ Vital Role in £94bn Sector

STORY

David Holdsworth, Chief Executive of the Charity Commission, lauded the indispensable contributions of charity trustees in his keynote address at the Trustee Exchange 2025 conference in London. Emphasising the sector’s substantial £94 billion annual turnover in England and Wales, Holdsworth highlighted the tangible impacts of trustees’ efforts, from groundbreaking medical research enabling a paralysed woman to regain hand function, to environmental conservation successes like the resurgence of ospreys in the UK.

Holdsworth underscored the critical role trustees play in sustaining the charity sector, stating, “Without you, there would be no charity sector.” He acknowledged the challenges faced by charities amidst global uncertainties and domestic pressures, noting their frontline position in addressing issues ranging from international conflicts to local community needs.

In his speech, Holdsworth also addressed the importance of attracting and retaining trustees, advocating for initiatives to make trusteeship more appealing and accessible. He called for a collective effort to support trustees in maximising their charities’ impact, reinforcing the Commission’s commitment to providing necessary guidance and resources.

April 30, 2025
NEWS STORY : Romford Builder Ioan Marcu Ordered to Repay £38,000 for COVID Loan Fraud

STORY

A Romford-based builder, Ioan Marcu, has been mandated to repay over £38,000 after fraudulently securing a £50,000 Bounce Back Loan during the COVID-19 pandemic. Marcu, 38, previously received a 10-year director disqualification in January 2025 following an investigation by the Insolvency Service. Marcu, the sole director of Imbusi Ltd, applied for the maximum loan amount in July 2020, claiming an annual turnover of £280,000. However, official records indicated the company’s actual turnover entitled it to just £11,451. Imbusi Ltd subsequently went into liquidation in July 2022, owing over £63,000.

In April 2025, Marcu signed a compensation undertaking, legally committing to repay £38,549—the excess amount obtained—through monthly instalments. Ann Oliver, Chief Investigator at the Insolvency Service, stated:

“Ioan Marcu significantly overstated his company’s turnover in order to receive the maximum amount of money businesses were entitled to under the Bounce Back Loan Scheme. This was clearly an inaccurate declaration which has resulted in him being banned as a director until the start of 2035.”

The Bounce Back Loan Scheme was introduced to support businesses during the pandemic, allowing loans up to £50,000 based on company turnover. Misuse of the scheme has led to numerous investigations and sanctions against individuals who provided false information to obtain funds. Marcu’s disqualification prohibits him from involvement in company management or formation without court permission until 2035

April 30, 2025
PRESS RELEASE : Romford builder banned for Covid loan abuse agrees to repay money he should never have claimed [April 2025]
The press release issued by the Insolvency Service on 29 April 2025.

Construction director previously disqualified as a director signs compensation agreement.
- Ioan Marcu overstated his company’s turnover to receive £50,000 in Bounce Back Loan funds when he was only entitled to little more than £11,000
- Marcu was handed a decade-long director ban for his misconduct following Insolvency Service investigations
- The 38-year-old has now signed a formal document in which he agrees to repay the money he secured
A builder who was disqualified as a company director for Covid loan abuse has now agreed to repay all the money the company was not entitled to claim.

Ioan Marcu inflated his Imbusi Ltd company’s turnover to receive a £50,000 Bounce Back Loan in 2020, the maximum allowed under the scheme.

Marcu was disqualified as a director for 10 years in January 2025 following Insolvency Service investigations.

The 38-year-old, of Lindfield Road, Romford, has now signed an agreement committing him to repay more than £38,000 – the total amount the company should never have received.

Ann Oliver, Chief Investigator at the Insolvency Service, said:

Ioan Marcu significantly overstated his company’s turnover in order to receive the maximum amount of money businesses were entitled to under the Bounce Back Loan Scheme.

This was clearly an inaccurate declaration which has resulted in him being banned as a director until the start of 2035.

Marcu has now signed a compensation undertaking which legally requires him to pay back all the public money the company should never have received in the first place.

Imbusi was incorporated in August 2014 with Marcu as its sole director.

Marcu applied to the bank for the £50,000 Bounce Back Loan in July 2020, claiming Imbusi’s turnover was £280,000 – an over-estimate of more than £230,000.

Insolvency Service analysis of Imbusi’s accounts revealed the company was only entitled to a loan of £11,451.

The Secretary of State for Business and Trade accepted a compensation undertaking from Marcu on Thursday 24 April, in which he has agreed to repay £38,549 in monthly instalments.

His disqualification undertaking prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.

Imbusi went into liquidation in July 2022 with liabilities of more than £63,000.

Further information
- Ioan Marcu is of Lindfield Road, Romford. His date of birth is 6 January 1987
April 30, 2025
PRESS RELEASE : Joint statement on the Withdrawal Agreement Joint Committee [April 2025]

The press release issued by the Cabinet Office on 29 April 2025.

Joint statement by the co-chairs of the Withdrawal Agreement Joint Committee, Minister for the Cabinet Office, the Rt Hon Nick Thomas-Symonds MP and the European Commissioner Maroš Šefčovič, 29 April 2025 :

The United Kingdom (UK) and European Union (EU) today held a meeting of the Withdrawal Agreement Joint Committee in London. The Joint Committee co-chairs took note of the state of play of the implementation of the Withdrawal Agreement since the last meeting on 16 May 2024, renewing the EU and UK’s shared commitment to the full, timely, and faithful implementation of the Agreement in all its parts.

The co-chairs reiterated that citizens’ rights are a key joint priority. In that spirit, the co-chairs warmly welcomed the legislative step taken by the UK Government relating to legal clarity for EU citizens with status under the EU Settlement Scheme and look forward to its practical application. They highlighted the importance of ensuring a smooth transition for citizens from temporary to permanent residence over the course of the next two years. The co-chairs agreed to further strengthen their ongoing cooperation on all citizens’ rights issues to ensure that all citizens who are beneficiaries of the Withdrawal Agreement can fully enjoy their rights now and in the future.

The co-chairs recalled the importance they attach to the full, timely, and faithful implementation of the Windsor Framework for the benefit of people and businesses in Northern Ireland, while continuing to avoid a hard border on the island of Ireland and ensuring the protection of the EU Single Market, to which Northern Ireland has a unique access, and the integrity of the UK’s Internal Market.

They noted the considerable work undertaken to date in the implementation of the Windsor Framework, having delivered benefits across areas, including on agri-foods, trade, VAT and excise, and engagement with stakeholders. They recalled specifically that, since the last Withdrawal Agreement Joint Committee, the arrangements for human medicines had started applying effective from 1 January 2025. At the meeting today, they also completed important work on safeguards allowing new customs facilitations on parcels and freight to take effect on 1 May 2025.

They reiterated their unwavering commitment to stepping up the work for the full delivery of safeguards underpinning the facilitations, in particular in the agri-food area.

The co-chairs welcomed the Joint Committee newly adopted decisions on the implementation of the Windsor Framework. Finally, they adopted the Withdrawal Agreement Joint Committee Annual Report for the year 2024.

The co-chairs agreed to continue working in a spirit of mutual trust and remain in very close contact to achieve full delivery of the Withdrawal Agreement and to strengthen bilateral relations in view of the UK-EU Summit on 19 May 2025.

April 30, 2025
NEWS STORY : UK Urges Guinea to Uphold Human Rights and Democratic Commitments

STORY

At the United Nations Human Rights Council, the United Kingdom has called on Guinea to honour its commitment to hold presidential elections by the end of 2025 and to implement reforms that uphold human rights and democratic principles. Delivering the UK’s statement during Guinea’s Universal Periodic Review (UPR), Eleanor Sanders, the UK’s Ambassador for Human Rights to the UN, acknowledged Guinea’s efforts to protect human rights and welcomed steps taken towards restoring constitutional order. However, she emphasised the necessity for Guinea to take urgent action to address corruption within the judiciary and public administration, ensuring adherence to international standards.

Highlighting concerns over freedom of expression, Sanders urged the Guinean government to decriminalise peaceful demonstrations and lift the ban on mainstream private media. Such measures, she noted, would strengthen legal protections for journalists, the media, and civil society.

The UK presented three key recommendations for Guinea:

– Ensure that the electoral processes in 2025 are credible, including the constitutional referendum in September and subsequent local, legislative, and presidential elections.

– Promote freedom of expression by decriminalising defamation, lifting bans on private media channels, and permitting peaceful public demonstrations.

– Take immediate steps to combat corruption in the judiciary and public administration, upholding due process in line with international standards.

The UK’s statement underscores its stated commitment to supporting Guinea in its journey towards democratic governance and the protection of human rights.

April 30, 2025
PRESS RELEASE : Universal Periodic Review 49 – UK Statement on Guinea [April 2025]

The press release issued by the Foreign Office on 29 April 2025.

Statement by the UK’s Ambassador for Human Rights to the UN, Eleanor Sanders, at Guinea’s Universal Periodic Review at the Human Rights Council in Geneva.

Thank you, Madame Vice President.

We thank the Guinean delegation for setting out its efforts to protect human rights. And we welcome the steps taken to return to constitutional order. Presidential elections must be held by the end of 2025, as committed to by President Doumbouya.

Guinea must also take urgent action to tackle corruption in the judiciary and public administration, ensuring that international standards are upheld.

Freedom of expression and media freedom are vital. We urge the Government to decriminalise peaceful demonstration and lift the ban on mainstream private media. This will, in turn, strengthen legal protection for journalists, the media and civil society.

Steps should also be taken to tackle all forms of discrimination and inequality including against minority groups.

We recommend that Guinea:

Ensure electoral processes in 2025 are credible, including during September’s referendum on the constitution; and local, legislative and presidential elections

Promote freedom of expression by decriminalising defamation, lifting the ban on private media channels and allowing peaceful public demonstrations.

Take urgent action to tackle corruption in the judiciary and public administration, upholding due process in line with international standards.

Thank you.

April 30, 2025
PRESS RELEASE : New appointments to Financial Conduct Authority board announced [April 2025]

The press release issued by HM Treasury on 29 April 2025.

The Chancellor of the Exchequer Rachel Reeves has today confirmed that Julia Black, Anita Kimber, John Ball and Stéphane Malrait have been appointed as Non–Executive Directors to the Board of the Financial Conduct Authority (FCA). The Chancellor also confirms a one-year extension of Richard Lloyd’s second term as a Non-Executive Director on the FCA Board.

Julia Black and Anita Kimber will commence their terms on 12 May 2025, John Ball on 27 May 2025, whilst Stéphane Malrait will join later in the year on 20 October 2025. They will each serve an initial three-year term. Richard Lloyd’s second term has been extended and will now conclude on 31 March 2026.

Julia Black is a former External Member of the Prudential Regulation Committee. Julia is a highly accomplished academic in the field of law and financial regulation and has advised policy makers, consumer bodies, and regulators on issues of regulatory strategy and design in the UK and internationally.

Anita Kimber is a former Partner at EY who has also led large practices at PwC and IBM. Anita is experienced in leading transformation programmes across technology, data and analytics combined with customer insight and user experience focused teams. Anita’s experience is closely aligned with regulatory compliance for banks and other financial services institutions, including a secondment and a permanent appointment at Nationwide Building Society.

John Ball is a former Global MD, Pensions Practice for Willis Towers Watson where he enjoyed a near 40 year career. He has extensive change management experience and broader board experience across several WTW subsidiary boards and committees. The FCA Board will benefit from John’s deep pensions expertise.

Stéphane Malrait is a former Managing Director and Global Head of market structure and innovation for Financial Markets at ING Bank. Stéphane has operated in large, complex organisations internationally, including in the US, France, and the UK. He will bring experience of governance across different entities including non-executive board experience with industry associations and fintech companies.

Richard Lloyd is a distinguished member of the Financial Conduct Authority (FCA) Board, bringing a wealth of experience from his extensive career in consumer rights and public policy. He previously held significant roles, including serving as the Executive Director of Which?, where he championed consumer interests and advocated for fairer markets. Notably, Richard served effectively as the interim Chair of the FCA Board from June 2022 until February 2023, demonstrating strong leadership and a steadfast commitment to the organisation’s objectives.

Chancellor of the Exchequer, Rachel Reeves, said:

The FCA have been crucial in supporting the government’s efforts to reform regulation in order to better support growth and I am pleased to announce the appointments of Julia Black, Anita Kimber, John Ball and Stéphane Malrait to the FCA Board and the extension of Richard Lloyd for an additional year.

All five individuals bring extensive financial services experience to the Board and will help the FCA go further and faster to deliver on this government’s Plan for Change.

Chair of the FCA Board Ashely Alder, said:

I’m delighted to welcome Julia, Anita, John and Stéphane to the FCA board. Together, they bring a wealth of experience and insight across the financial services sector. I look forward to working with them as we deliver our ambitious new 5-year strategy.

I’d also like to congratulate Richard Lloyd on the extension of his second term, which ensures we continue to benefit from his invaluable counsel in the months ahead.

About the Financial Conduct Authority

The Financial Conduct Authority (FCA) is the conduct regulator for the UK’s financial services firms and markets. It is responsible for the conduct of around 42,000 businesses and sets the specific prudential standards for roughly 17,000 firms.

It has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers. Its secondary objective is to facilitate the international competitiveness of the UK economy, and its growth in the medium to long-term.

About the appointment process

Julia Black, Anita Kimber, John Ball and Stéphane Malrait have been appointed by the Chancellor following a fair and open recruitment process run by HM Treasury. All appointments are subject to vetting and security clearances currently in progress.

The Treasury is committed to appointing a diverse range of people to public appointments, including at the Financial Conduct Authority. The Treasury continues to take active steps to attract the broadest range of suitable applicants for posts.

Appointments to the FCA Board are regulated by the Office of the Commissioner for Public Appointments. Julia Black, Anita Kimber, John Ball and Stéphane Malrait have not engaged in any political activity in the last five years.

April 30, 2025