The call came as policymakers, the government, regulators, trustees and industry leaders gathered in London to discuss the future of the UK pensions system. Topics included the work of the Second Pensions Commission, the government’s evolving reform agenda and how TPR and FCA are aligning their priorities.
Addressing the conference Helen Forrest Hall, Chief Strategy Officer at the PMI, acknowledged how much has been achieved across in the industry, from dashboards to policies designed to raise standards, but noted there is much to do to improve member outcomes, including ensuring guided retirement is a success. And she joined others to celebrate the positives, such as the growth of the Trustee Accelerator Programme (TAP).
She said: “As the PMI marks its 50th year, it is clear the UK is entering a critical decade for pensions. Half a century after the PMI was founded, the stakes for savers have never been higher. The decisions we make now on regulation, investment, governance and system design will shape retirement outcomes for a generation. This is a moment that demands concerted action, sensible timing and genuine consensus across government, regulators and industry. Only by working together can we ensure today’s savers do not face hardship in later life.”
Celebrating new trustees: TAP certificate presentations
A highlight of the conference was the presentation of certificates to 11 graduates of the pilot TAP scheme, led by Standard Life with the PMI to help new entrants break into trusteeship with confidence and capability. All 12 walked up to the stage to collect their certificates from Donna Walsh, Head of Standard Life Master Trust.
She said: “The graduates are the real stars. They took a massive leap of faith into a new programme and fully embraced it. One of my proudest moments was at their mock trustee meeting – the questions they asked, their curious minds, they were all fantastic and we are immensely proud.” More than 100 applications have already been received for places on the industry-wide TAP, launched earlier this year.
The Minister for Pensions Torsten Bell also congratulated the Trustee Accelerator Programme at the start of his keynote speech, saying: “The future diversity of trustees both in terms of the quality and volume is really important, so thank you for everything you are doing on that.”
Ministerial keynote
In his speech, the Minister addressed delegates, outlining five “big changes” that are happening in the pensions landscape, such as the transfer from DB to DC, and what the government is doing to address each.
He used the conference to announce a consultation on draft regulations that would allow trustees of well-funded defined benefit (DB) pension schemes to release surplus funds to sponsoring employers.
The Minister also warned that the growth of defined contribution (DC) pension pots and consolidation in the sector will lead to an increased risk of pension fraud. He noted the government had this week published a consultation on proposed changes to pension transfer regulations, which include a targeted measure to address the risk of fraud within Small Self Administered Schemes (SSASs). It marks the first stage in a broader programme of work relating to pension scams and pension transfers.
Speaking after the conference, Helen Forrest Hall said: “We have always supported proportionate, evidence-based measures to protect savers from scams, and the refinements to the overseas investment and incentive-related amber flags are a constructive step that will ease administrative burdens without weakening member protection.
“The consultation also proposes additional safeguards for transfers into SSASs. While we recognise the need to address areas of heightened scam risk, our members will want to examine the detail carefully to ensure any new requirements are workable and do not impede legitimate activity.”
Baroness Drake on the sector’s vital role
The conference concluded with a keynote speech from Baroness Jeannie Drake, offering reflections on the progress made across the pensions landscape since the first Pensions Commission in 2002, and the challenges that remain for the Second Commission.
Drawing on her extensive experience in pensions policy and advocacy, she shared insights on key priorities for the future, encouraging delegates to consider their role in driving better outcomes and shaping a more inclusive and sustainable system.
She said: “We know from the Turner report that durable outcomes from pension policy will be shaped by the extent of the broad consensus of the solutions that preceded them. So each of us in this room has a role to play, because success relies on our cooperation in delivering a pension system for the nation as a whole that is adequate, sustainable and intergenerationally fair, because life shows that problems, particularly in patients, tend to deliver lost opportunities.”
Marking a landmark year for the PMI
The conference marked the PMI’s 50th anniversary, reflecting how it has supported trustees, raised professional standards, and strengthened governance since 1976. To mark the milestone, a special exhibition displayed items from the Pensions Archive Trust, including the PMI’s original 1976 crest, correspondence from former presidents and CEOs to fellow industry stakeholders, policy papers and consultation responses that defined the issues of the day and photos that captured pivotal moments in the PMI’s history, all illustrated on a giant timeline.
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