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Comments as deferred DC membership surpasses 23 million

Broadstone and Lumera comment on new data from the ONS’ Financial Survey of Pension Schemes highlights how the UK Defined Contribution (DC) pensions system is becoming increasingly fragmented as job mobility leads to more deferred pension pots, even as overall contribution levels continue to rise. The figures show membership of deferred private sector DC pensions has now reached 23.04 million as of Q3 2025, up by over 2 million compared to the same period in 2024. Over the same period, membership of active pots saw has only risen by 0.15 million, increasing from 11.45 million to 11.60 million.
Posted on Thursday Apr 2

Member experience crucial as schemes approach endgame

DB pension schemes could risk poorer member outcomes and engagement if they fail to offer a high-quality member experience as they approach endgame, warns Hymans Robertson.
Posted on Thursday Apr 2

Rising SPA over 60s report going without essentials

New research shows one in seven (14%) people just below State Pension age have gone without food, clothing or heating in the last year, compared to one in twenty (5%) above State Pension age, aged 66 to 69. With the start of the rise in the State Pension age less than a week away, many will struggle financially with the change. Standard Life Centre for the Future of Retirement says extra support is needed for over 60s least able to weather these changes, including lower earners, those with health conditions or disabilities, and carers
Posted on Thursday Apr 2

Roar of recovery amid Iran hopes and OpenAIs fundraising

A relief wave hits equity markets amid Trump’s claims the war with Iran will end in weeks. Brent crude falls to below $100 a barrel, but worries remain about supplies going forward. OpenAI’s mega valuation following a funding round highlights private markets opportunities.
Posted on Wednesday Apr 1

DC scheme consolidation and the Pension Schemes Bill

New DC landscape data shows the number of non-micro DC and hybrid schemes fell by 15% in the last year, from 920 in 2024 to 790 in 2025
Posted on Wednesday Apr 1

Comments on TPR guidance on actuarial s37 confirmations

Barnett Waddingham and ARC Pensions Law comment on the The Pensions Regulator publishing its guidance on Section 37 issues arising from Virgin Media Ltd vs NTL Pension Trustee II Ltd.
Posted on Friday Mar 27

TPR guidance on retrospective actuarial s37 confirmations

Regulations made under section 37 of the Pension Schemes Act 1993 restricted certain alterations to the rules of an occupational pension scheme contracted-out on the salary-related basis.
Posted on Thursday Mar 26

Pension transfer lament and FCA plans risk making it worse

Almost one-in-three (28%) people who have attempted to switch pension providers in the last three years have found the process “difficult”. Worryingly, one-in-ten people said the process took three to six months, with the same proportion simply giving up on moving their retirement pot entirely.

Posted on Thursday Mar 26

State pensioners still in line for above inflation boost

Inflation announced as 3% for the 12-month period to February 2026.This is the last inflation figure released before the state pension increases by 4.8% from 6 April, indicating an above-inflation boost for pensioner purchasing power.Aegon calls for clarity on the government’s long-term plans, with the state pension set to sit just £23 under the £12,570 income tax threshold.
Posted on Wednesday Mar 25

Pensions at Tax Year End: Week 13 top for top ups

This week is the most popular week of the year for people to top up their pensionsStandard Life shares tips on how to get the most out of your pension each tax year
Posted on Monday Mar 23

FRC reform of actuarial standards for CDC backed

The Society of Pension Professionals (SPP) has submitted its response to the consultation by the Financial Reporting Council (FRC) on proposed changes to Technical Actuarial Standard 310 (TAS 310) covering actuarial work for CDC pension schemes.
Posted on Friday Mar 20

LGPS Index suggests government accelerate actuarial review

Isio’s Low-Risk Funding Index shows LGPS funding remains strong at 145% as of 31 December 2025. Funding level dipped slightly from 147% on 30 September 2025, while estimated surplus increased from £147bn to £148bn. Funding position remains resilient despite global market volatility in early 2026. With the LGPS valuation nearing completion, strong funding further supports the case for reduced employer contributions over the next three years
Posted on Thursday Mar 19

Worst pension providers 18 times longer moving savers money

New data reveals the worst pension providers and administrators are taking 18 times longer to transfer retirement savings than the best, as PensionBee renews its call for Government legislation to encourage fast, digital transfers fit for the 21st century.
Posted on Wednesday Mar 18

A few years of bonus sacrifice adds £40k to your pension pot

Small decisions now could make a tens-of-thousands of pounds difference to your retirement. Once tax, National Insurance and student loans are applied, cash bonuses often fall short of expectations. Standard life answers key bonus sacrifice questions
Posted on Wednesday Mar 18

Improving retirement outcomes and economic growth

Royal London urges policymakers to set out a plan to increase default pension contributions to more adequate levels. Landmark report with Oxford Economics analyses the impact of higher pension contributions on both households and the economy. The analysis shows that, by 2040, only 36% of households with DC pensions will meet target retirement incomes. Modelling shows that an increased flow of savings into pension schemes would lead to GDP gains over the long term
Posted on Tuesday Mar 17

DC schemes down 15 percent in 2025 amid maturing market

Broadstone and Lumera comment on new TPR data showing the total number of DC schemes decreased by 15% over the last year, from 920 schemes in 2024 to 790 schemes in 2025, representing the largest proportional decrease to date
Posted on Tuesday Mar 17

Smaller pension schemes continue to exit the DC market

DC scheme numbers fell by 15% to 790 in 2025. Assets increased by 22%, rising from £205 billion to £249 billion. Schemes that do not deliver value for savers should consolidate out the market, TPR urges
Posted on Tuesday Mar 17

Evolved risk transfers offers opportunity for small schemes

Smaller DB Pension schemes considering a bulk annuity transaction have more opportunities and flexibility than ever before so must carefully consider their broking approach, claims Hymans Robertson.
Posted on Tuesday Mar 17

9 in 10 do not know their pension tax relief rate

Only 12% of Brits know the exact rate of pension tax relief they receive. One in three (29%) have already, or have plans to top up their pension before tax year end, with 48% not currently planning to. One in ten (11%) would prioritise a pension top-up if they had spare savings.
Posted on Monday Mar 16

Pensions membership becoming more diverse than in the past

With more than 10 million workers having been newly enrolled into workplace pensions as a result of automatic enrolment, and with the changing make-up of the UK population, pension scheme membership is becoming much more diverse than in the past.
Posted on Friday Mar 13

Financial pressure could undermine long term pension saving

More than six in ten employers (62%) fear more employees will opt out of workplace pensions due to financial pressure. Almost two thirds (61%) expect employees to reduce pension contributions to cope with day-to-day living costs. Nearly six in ten (59%) say employees do not understand how valuable pensions are as part of their total reward. Almost half (49%) admit they do not communicate or promote their pension effectively

Posted on Friday Mar 13

Practical challenges with the FCAs new ESG rating proposals

The Society of Pension Professionals (SPP) has responded to the current FCA consultation on ESG ratings. The consultation seeks industry views on FCA proposals to regulate the ESG ratings market, with the aim of making ESG ratings more transparent, reliable and understandable.
Posted on Thursday Mar 12

Pension schemes must assess all options on endgame decisions

Aon has said that UK defined benefit (DB) pension schemes face new options in 2026 as they consider a wider range of endgame approaches.
Posted on Thursday Mar 12

Archaic Pension Transfer System not fit for purpose

Report from a coalition of nine major providers* highlights how pensions are out of sync with the modern finance worldFinds legacy pension providers can delay legitimate pension transfer requests through misuse of anti scam legislationAnalysis suggests that digital pension platforms will provide £18bn annual benefits to the UK economy by 2055.
Posted on Thursday Mar 12

Two thirds unaware of planned salary sacrifice restrictions

Mark Futcher, Head of DC Pensions at Barnett Waddingham (Part of Howden) “The tabled amendment to increase the proposed salary sacrifice cap to £5,000 – if it ultimately remains in place – is a welcome step in recognising the vital role it can play in helping people build their pension savings.
Posted on Wednesday Mar 11