Pensions - Articles

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Walking blind into life changing pension transfer decisions

Patrick Heath-Lay, CEO at People’s Pension said: “The FCA’s latest survey confirms what we’ve long warned: people are consolidating their pensions without properly considering what they’re switching into and it’s putting their long-term financial futures at risk.
Posted on Monday May 19

New TPR service to help innovation in savers interests

A new service has been launched by The Pensions Regulator (TPR) to help support innovation in savers' interests and potentially boost economic growth. The service aims to reduce unnecessary regulatory barriers to pensions innovation by enabling early transparent discussions with pensions innovators.
Posted on Monday May 19

Employers should start preparing now for auto re enrolment

Mid to large sized employers – those with 500 to 50,000 employees – should be re-enrolling employees into their workplace pension schemes in 2025 as part of their mandatory three-year requirement, says Hymans Robertson. It’s vital employers prepare properly to undertake this task, despite it being time-consuming, to ensure their employees save for retirement.
Posted on Monday May 19

How to protect your retirement savings from the tax man

292 people fully encashed a pension of over £250,000 after tax-free cash between October 2023 and March 2024, 70 more than in the previous year – paying a minimum £98,700 each in tax in the process. An additional 1,593 people fully encashed between £100,000 and £249,000, leading to a tax bill of at least £27,400 each. Additional rate tax rise: those fully encashing larger pots in 2023/24 saw a tax increase versus 2022/23. Standard Life provides a guide to tax on pension withdrawals to avoid becoming a big pension taxpayer.
Posted on Monday May 19

Size is the key factor for pensions choosing an endgame

Aon has said that its 2025 Endgame Survey found significant differences in the views of UK defined benefit (DB) schemes on their preferred endgame, largely influenced by the scheme size, the industry sector and the geographical region of the sponsor’s parent company.
Posted on Monday May 19

6 out of 10 pension dippers shun free Pension Wise guidance

FCA Financial Lives survey shows 59% accessing pensions don’t use the guidance service. Just Group says ‘stronger nudge’ to guidance still too weak
Posted on Monday May 19

Broken pension transfer system exposed

PensionBee report exposes broken pension transfer system and calls for 10-day pension switch guarantee. PensionBee calls for legislation to end transfer delays that damage trust and harm consumers - reshaping the current system that has rewarded inefficiency and poor practice for far too long
Posted on Friday May 16

How might the retirement income market change in the future

The Pensions Policy Institute (PPI) published the first in a series of reports examining what an assessment of Value for Money (VfM) could look like in the decumulation stage of retirement.
Posted on Friday May 16

DWP stats show nearly half a billion underpaid to pensioners

The latest figures shine a light on the sheer scale and complexity of the State Pension system. While the overpayment rate for State Pensions remains incredibly low at just 0.1%, that still equates to a staggering £190 million of taxpayers’ money being paid incorrectly. This serves as a reminder of the difficulty of administering a benefit that supports over 12 million people and costs £142 billion a year.
Posted on Thursday May 15

Low member engagement remains the biggest hurdle

XPS Group poll reveals low member engagement is the biggest hurdle to getting an effective default retirement solution amongst trustees and employers.
Posted on Thursday May 15

Decline in public trust in the pensions industry

Trafalgar House, a specialist third-party pensions administrator, today announced initial findings from their fifth Trust & Confidence Index of the pensions industry, revealing a decline in public trust for the first time since the survey began.
Posted on Wednesday May 14

The Accord is a big step on a long journey for pensions

Barnett Waddingham, Isio and PensionBee comment following the Chancellor's Mansion House announcement, highlighting the potential £50bn cash injection into the UK economy, stemming from Britain's largest pension funds' commitment to reallocate resources to private markets
Posted on Wednesday May 14

Strong support for Trustee flexibility for DB surplus

Sacker & Partners LLP (Sackers), the UK’s leading specialist law firm for pensions and retirement savings, today announced the results of their most recent webinar survey. The results reveal that 54% of respondents support giving trustees the flexibility to determine whether - and on what terms - surplus funds can be paid to employers under any future surplus regime.
Posted on Tuesday May 13

PPF publish latest PPF7800 Index figures for April 2025

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 13

Industry comments on launch of new Mansion House Accord

Hymans Robertson, XPS Group, Standard Life, Aviva, Aon, Mercer and Phoenix comment on launch of the new Mansion House Accord
Posted on Tuesday May 13

Pension industry unites under new Mansion House Accord

Seventeen of the largest workplace pension providers in the UK have expressed their intent to invest at least 10% of their defined contribution (DC) default funds in private markets by 2030, with 5% of the total allocated to the UK.
Posted on Tuesday May 13

Pension Schemes Bill set to be crammed full of new policies

An analysis of announcements and policy statements by DWP and other government bodies suggests that the soon-to-be-published Pension Schemes Bill is likely to be ‘crammed full’ with a wide range of policies affecting DB and DC pensions.
Posted on Monday May 12

Only half of 65 to 75s think their private pension will last

New research by Aviva and Age UK has found only half (48%) are confident they are on track to make their private pension savings last for life. Just over a quarter (26%) reported feeling financially secure, with women (19%) feeling less financially secure than men (32%). The research surveyed 1,000 mid-retirees aged 65-75 who have a private pension and are on a moderate retirement income, and do not pay for financial advice or have a final salary pension over £20k per year.
Posted on Monday May 12

DB schemes weather extreme market volatility in April

Fully-hedged scheme sees no deterioration in its funding position, remaining at 69.1%. 50% hedged schemes recovers through the month to see just a small dip in funding. Scheme funding continues to be robust in the face of a rapidly developing economic backdrop.
Posted on Thursday May 8

LGPS surplus reflects resilience amid market turmoil

Isio’s Low-Risk Funding Index reveals the LGPS funding level improved from 125% to 126% in Q1 2025, with a low-risk surplus of £87bn. Despite market volatility in April, including equity market declines, the funding level remained broadly stable month-end. With LGPS low-risk funding over 100% for over two and half years, participating employers should expect to see positive outcomes as part of the 2025 actuarial valuation. Reviews of funding strategies, alongside proactive engagement from employers, could result in large reductions to current contribution levels and/or risk levels.
Posted on Thursday May 8

Aon releases latest DC Pension Tracker

The PLSA introduced their living standards in 2019 and so 2025 marks their sixth anniversary. When the Aon UK DC Tracker launched in 2021, one of its aims was to monitor trends in defined contribution pensions. We have now backdated the Aon UK DC Tracker to the start of 2019, to cover the period before its initial release. This edition looks at how our original Tracker sample members would have fared if they had not been ‘rebalanced’ annually but instead were allowed to ‘age’ naturally over the six-year period.
Posted on Wednesday May 7

Delayed retirement likely for millions as pension gap widens

The percentage of people not on track for even a minimum retirement lifestyle has worsened, from 35% to 38% since 2023, equating to an extra 1.2m people. Most people would like retire at the age of 62, but 54% think they will have to work longer than they would like, on average by seven years, and 27% don’t feel they will ever be able to retire. The State Pension plays a vital role in meeting day-to-day costs for 75% of current retirees, but future retirees are worried it may not be there to benefit them.
Posted on Wednesday May 7

Speculation over winter fuel allowance U-Turn

Any review of winter fuel allowance should be in wider context of state pensions and income tax. Intergenerational fairness needs to be at the heart of all Government policies
Posted on Tuesday May 6

The cost of being single in retirement

Single pensioners need £225k more in their pension pot than couples to achieve a ‘moderate’ standard of living in retirement. New analysis by Standard Life compares the pension savings needed by single and couple pensioners to achieve the Pension and Lifetime Savings Association (PLSA)’s three Retirement Living Standards: ‘minimum,’ ‘moderate,’ and ‘comfortable.’ Single pensioners need to save £54,500 just to meet the PLSA’s minimum standard, while couples with two full State Pensions would not need any savings beyond the state pension to reach the same level
Posted on Tuesday May 6

Call for pragmatic new regime for DB surplus release

Speaking at the annual Chair’s Dinner, Association of Consulting Actuaries (ACA) Chair, Stewart Hastie opened by welcoming the Pension Minister’s recent announcement, committing to the reforms necessary to enable greater collective pension funds to be created … both whole of life and decumulation only. This is something that the ACA, along with others, has long called for as part of the solution to address adequacy challenges.
Posted on Tuesday May 6