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Comments on latest PPF7800 Index update for April 2026

Broadstone and Gallagher comment as the aggregate surplus of the 4,838 schemes in the PPF 7800 Index reduced by £5.3 billion through April 2026, dropping back to £258.5 billion in surplus. It nonetheless remains significantly higher (+£53.3 billion) than a year ago when the aggregate funding position was £205.2 billion in surplus. The funding ratio saw a slight reduction of 0.2 percentage points to 131.2% and the number of schemes in surplus reduced by 25 to 3,790, falling to 78.3% of all schemes in the universe.
Posted on Tuesday May 12

FCA fines and bans Frank Breuer for serious misconduct

The Financial Conduct Authority (FCA) has banned Frank Breuer from working in UK financial services and fined him £755,000 for repeatedly acting without integrity and putting customers at risk for personal financial gain.
Posted on Tuesday May 12

PPF publish latest PPF7800 Index figures for April 2026

This update provides the latest estimated funding position, based on adjusting the scheme valuation data supplied to The Pensions Regulator as part of the schemes’ annual scheme returns, on a section 179 (s179) basis, for the defined benefit pension schemes potentially eligible for entry to the Pension Protection Fund (PPF).
Posted on Tuesday May 12

Pension Schemes Act to accelerate AI led transformation

AI expected to play a growing role in enabling delivery of the Pension Schemes Act reforms, as providers face large-scale data, consolidation and reporting requirements. Delivering the package of reforms across both the defined contribution (DC) and defined benefit (DB) markets will accelerate the role of artificial intelligence (AI) and enhanced technology systems, according to Lumera.
Posted on Tuesday May 12

Only 19% of DC members know their retirement income

19% of UK DC pension members understand their potential retirement income. 21% understand what contribution level is needed to support their desired retirement lifestyle. Only a third or fewer members have accessed online educational information on key pension topics, including how their pension is invested and options available at retirement. 66% have never consolidated their DC pots and 55% have never increased contributions. 68% contribute 5% or less to their pension each month. 59% say they could afford to increase monthly pension contributions
Posted on Monday May 11

Small steps on pension contributions makes a huge difference

Someone aged 22 earning £26,000 pa could have a pension pot worth £235,000 at 68 if they contributed AE minimums during their working life. Taking small steps to contribute above and beyond AE minimums can boost this even further. Increasing your contribution to 6% with your employer sticking at 3% could see you with a pension of £265,000. Hiking your contribution to 8% would see your pot grow to around £324,000. If your employer matched your 6% with 6% of their own, then that final pension could total £353,000. All calculations made on HL’s pension calculator. Based on investment returns of 5% pa after fees.
Posted on Monday May 11

TPR consults on new Corporate Strategy

The Pensions Regulator has launched a consultation today on its refreshed five-year Corporate Strategy setting out the regulator’s vision that people should have a sustainable income in retirement, supported by a pensions system that provides security and value for all.
Posted on Monday May 11

Pensions industry must move faster on responsible use of AI

Trafalgar House is urging schemes and trustees to act more decisively on artificial intelligence as workloads increase and experienced administrators continue to leave the industry. The call comes as the firm shares the findings of an internal pilot which assessed whether AI could support the technical interpretation of scheme rules and the development of benefit and calculation specifications.
Posted on Monday May 11

Property could play a role in supporting retirement income

Against a backdrop of 15 million people not saving enough for their retirement and the government establishing a Pensions Commission to consider the issue, the Society of Pension Professionals (SPP) have held the second in a series of events on pensions adequacy.
Posted on Friday May 8

The Rule of 300 for retirement income

Standard Life’s analysis shows how £300 of pension savings is required to generate £1 of guaranteed monthly income. The ‘Rule of 300’ illustrates how everyday monthly costs translate directly into the pension savings needed to guarantee them via an inflation-linked annuity
Posted on Thursday May 7

Professional trustees role as governance reshape DB pensions

Largest 10 professional trustee firms now oversee around 45% of UK DB pension schemes, up from 31% in 2020. Firms expected to manage around two-thirds (c.66%) of DB schemes within five years. Over £1tn in assets now overseen across 2,400+ schemes. 174 new appointments, broadly offset by schemes reaching endgame and some mandates moving between providers. Average revenue growth of 12% in 2025, driven by increased governance and project workloads. Sole trusteeship now accounts for over 50% of appointments, projected to reach ~65% in five years
Posted on Thursday May 7

1 in 4 couples don't know about their pension in a divorce

Over a quarter (27%) of married people or those in civil partnerships who have a private pension don’t know what would happen to their pension if they divorced, rising to 30% among women. Almost three quarters (73%) of couples have never discussed how their private pensions would be treated if they separated. One in five (19%) divorced people regret how pensions were handled, with women (28%) three times more likely than men (9%) to feel this way
Posted on Wednesday May 6

Industry comments on TPRs Annual Funding Statement for 2026

The ACA, Hymans Robertson and SPP comment on the 2026 Annual Funding Statement issued by The Pensions Regulator
Posted on Wednesday May 6

TPR publishes its latest Annual Funding Statement

The Pensions Regulator (TPR) has published its latest Annual Funding Statement (AFS), setting out expectations for trustees and sponsoring employers of occupational defined benefit (DB) pension schemes. With most DB schemes now in surplus, TPR expects trustees in this tranche to be shifting their focus from deficit recovery to long-term endgame planning.
Posted on Wednesday May 6

Practical steps to support younger workers pension saving

Three quarters (74%) of employers worry employees will not save enough for retirement as living costs squeeze disposable income. A similar proportion say they are worried about younger workers (77%) and low earners (77%). More than four in five SME decision-makers (82%) say they feel a responsibility for employees’ financial wellbeing. Nearly half (45%) want better communication and education about pensions to improve engagement
Posted on Friday May 1

The year of the DC Default

All DC default pension providers delivered positive returns in 2025, supported by strong performance across all major asset classes. 71% of providers outperformed Howden’s passive portfolio test – up from 19% in 2024 in the growth phase, and 29% ‘at retirement’. Performance outstripped inflation, cash, and annuity measures. Despite the noise, private markets allocations remain limited in existing strategies - but many are already targeting allocations well above the policymakers’ ambitions
Posted on Thursday Apr 30

Two thirds use salary sacrifice but most unaware of 2029 cap

Nearly two-thirds of UK workers (62%) are using salary sacrificeA similar number (63%) are unaware it will be capped from 2029Nearly one in ten (9%) still don’t know what it is
Posted on Thursday Apr 30

Landmark Pensions Bill gives vital reforms to benefit savers

Pensions UK has today welcomed the passage through Parliament of the Pension Schemes Bill, marking a major step forward in reforming the UK’s workplace pensions system and strengthening outcomes for savers. The Bill introduces a package of reforms that Pensions UK and its members helped to shape.

Posted on Wednesday Apr 29

New TPR code for CDC schemes

The Pensions Regulator (TPR) code of practice for collective defined contribution (CDC) schemes, which has been expanded to cover multi-employer schemes, has been laid in Parliament today.
Posted on Wednesday Apr 29

Warning over increased pension scam risk as IHT changes loom

With less than a year until unused pensions fall within the scope of inheritance tax, Standard Life warns that greater uncertainty could increase savers’ vulnerability to pension scams. Early and consistent intervention critical to protecting savers from increasingly sophisticated pension scams
Posted on Wednesday Apr 29

Pension Schemes Bill passes now industry awaits consultation

Pension Schemes Bill has passed but a programme of detailed consultations are set to kick off. Consultations will shape key DC and DB reforms including Value for Money, consolidation, decumulation and endgame options. The detail will evolve over the next 12–24 months, requiring trustees and employers to stay engaged
Posted on Wednesday Apr 29

Lump sum pension withdrawals surge ahead of rumoured changes

Pension savers withdraw £3.9 billion in lump sums from DC pensions in Q4 2024–Q3 2025, up by £868 million on the previous 12-month period. Lump sum withdrawals hit peak of £1.0 billion in both Q3 2024 and Q4 2024 around the Autumn Budget 2024. Pension cash grab falls back before rising to a 2025 peak of £990 million in Q3 2025 ahead of the subsequent Autumn Budget 2025
Posted on Tuesday Apr 28

Master Trusts decumulation options increase

LCP’s latest analysis of the master trust and broader provider market highlights improvements in the quality of service members are receiving and shows that providers are developing a range of solutions as decumulation options increase.

Posted on Friday Apr 24

Three in 10 business owners have no pension

Rathbones warns that even a successful business sale may not deliver business owners the retirement income they hope for.
Posted on Friday Apr 24

TPR highlights crucial role of actuaries across pensions

Nausicaa Delfas, TPR CEO highlights need to move from a focus on accumulation to delivering sustainable retirement income for members. Actuarial judgement, independence, and long-term thinking identified as critical to system design across DB, DC, and CDC
Posted on Friday Apr 24