Call for evidence outcome

Call for evidence: pension fund clearing exemption

• From: HM Treasury
• Published: 13 November 2023
• Last updated: 10 January 2025 — See all updates

This call for evidence has closed

Read the full outcome

Response to call for evidence: pension fund clearing exemption

PDF, 163 KB, 18 pages

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Detail of outcome

In November 2023, HM Treasury published a call for evidence on the exemption which pension funds currently have from the obligation to clear certain derivatives contracts. The call for evidence requested input from industry stakeholders to inform the government’s review of the exemption, which aimed to determine a long-term approach.

The government received 26 responses to the call for evidence. This document provides a breakdown of the key themes raised by respondents. Having analysed the responses to the call for evidence and having engaged with the UK regulatory authorities on the issue, the government has decided that the exemption should be maintained for the longer-term. The government will now take forward legislation to ensure that the exemption does not expire on 18 June 2025 as currently scheduled and to remove any further time limit on the exemption. The government will, however, keep this policy under review in coordination with the UK regulatory authorities.

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Original call for evidence

Summary

A call for evidence seeking input from industry stakeholders on pension funds’ exemption from the clearing obligation, to inform the government’s long-term approach.

This call for evidence ran from
9:30am on 13 November 2023 to 11:59pm on 5 January 2024

Call for evidence description

In the UK, pension funds are currently exempt from the obligation to clear certain derivative contracts. Earlier this year the government extended this exemption to 18 June 2025 and noted that it would conduct a review to determine a long-term approach.

This call for evidence requests input from industry stakeholders on the exemption to inform this review.

Documents

Call for evidence: pension fund clearing exemption

PDF, 228 KB, 18 pages

This file may not be suitable for users of assistive technology.

Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email digital.communications@hmtreasury.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Published 13 November 2023
Last updated 10 January 2025 + show all updates

1. 10 January 2025

   Added response to call for evidence.

2. 13 November 2023

   First published.