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Now Pensions fined £100k in first TPR action against master trust for reporting failures


By Callum Conway

NOW: Pensions Ltd (NPL) and NOW: Pension Trustee Ltd (NPTL) have each been given penalties of £50,000 for failing to correctly report significant events and breaches of law to The Pensions Regulator (TPR).

The significant event regime, part of The Pension Schemes Act 2017, required NPL and NPTL to report to TPR 'as soon as reasonably practicable' any failure of systems or processes used in running the master trust, which had a significant adverse effect on service delivery


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TPR publishes year two update on corporate plan; warns of ‘rapid changes’ and ‘significant uncertainty’

The Pensions Regulator (TPR) has published a year two update on its three-year corporate plan (2024–2027), warning that the pensions landscape continues to undergo rapid changes amid significant uncertainty in both domestic and global economic conditions

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TPO closes 'record' number of cases in 2024/25

The Pensions Ombudsman (TPO) has closed more cases than ever before in 2024/25, its Annual Report and Accounts have revealed, following the “successful” implementation of its Operating Model Review (OMR) programme

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Early buyouts risk £3bn loss for FTSE 350 firms

With trillions of pounds in defined benefit (DB) pension assets expected to transfer to insurers in the coming years, FTSE 350 firms could miss out on billions in surplus value if they buy out too early, according to analysis from Barnett Waddingham (BW)

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Pensions adequacy review must not be ‘nobbled’ by Treasury, LCP warns

The pensions adequacy review, expected to be launched on Monday, must not be “nobbled by the Treasury from day one”, but “free to come up with its own recommendations – even if these cost money”, former Pensions Minister and LCP partner, Steve Webb, has warned

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DB schemes ‘surge’ into hedge fund investment

DB schemes are “surging” into hedge fund investment, driven by market volatility and wider macro-economic uncertainty, Aon has claimed

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Survey reveals ‘regional confidence gap’ in pension attitudes

A survey assessing several major areas of pensions and retirement has revealed a 'regional confidence gap' in pension attitudes, according to Retirement Review

Check out our latest news

This week in pensions: 14 - 18 July 2025

Pensions Age looks back on the key developments in the industry this week, including the Reeve’s Mansion House speech, calls on the government for action on key areas, and more
News in brief - 18 July 2025

The latest news in brief and mandates from the past seven days
Pensions adequacy review speculation grows ahead of summer recess

The Department for Work and Pensions (DWP) will publish three pensions-related reports on Monday (21 July), prompting experts to suggest the long-awaited pensions adequacy review could be launched the same day
Govt publishes first-ever financial services strategy

The government has published the first-ever Financial Services Growth and Competitiveness Strategy, outlining a 10-year plan to make the UK the “global location of choice” for financial services firms

Adequacy review ‘cannot come soon enough’ as pensions system stalls, PPI says

The government’s adequacy review on pensions “cannot come soon enough”, the Pensions Policy Institute (PPI) has said, after its UK framework revealed performance in the UK pensions system has “stalled”
Entries open for inaugural Nederlandse Pensioen Awards

The inaugural Nederlandse Pensioen Awards, organised by European Pensions, are now officially open for entries


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Highlighted Content

Endgame: The steps to success

Just Defined Benefits head of proposition development, Andy Fryer, shares what he has learnt following his move from the consultancy side to now working for an insurer

Podcast: Who matters most in pensions?

CIn the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs

Top tips for preparing your Own Risk Assessment

Susan Hoare explores how pension scheme trustees can get the most value from their first Own Risk Assessment (ORA).

Pension reform with long-term ambitions

The Pension Schemes Bill proposes a bold shift in UK pensions; delivering real value requires industry-wide effort

Surplus extraction is here: What should DB schemes do now?

L&G Head of Endgame Solutions, Mathew Webb, outlines what DB schemes should do now as surplus extraction rules evolve

LGPS: Staying on track

As the government ramps up its focus on the LGPS, our panel looks at what lies ahead for the scheme, the challenges it faces and the investment opportunities out there

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Shifting gears

As the pensions landscape consolidates and evolves, Paige Perrin examines how The Pensions Regulator is adapting its role by shifting toward a more ‘prudential’ style of regulation. But what does this mean for the industry, and how is it reshaping relationships between the regulators, pension schemes, and trustees?

Finally on target?

Callum Conway looks at why the freedom and choice reforms failed to close the pensions advice gap, and how targeted support might offer the solution

Getting to grips with the pension ethnicity gap

Pension engagement among non-white savers is still lagging, posing challenging questions for the industry to answer. As part of Pensions Age’s year-long focus on diversity, equity and inclusion (DEI), Jon Yarker finds out more

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Getting entangled in sustainable investing red tape

UK pension schemes have a unique role to play in driving sustainable impact, but complex rules are slowing momentum

Eyes on the prize

Regulators and policymakers continue to consult on whether DC schemes provide value

for money to members. But is there a risk their good intentions will be overwhelmed by other

political priorities? David Adams reports

Thinking differently

As part of Pensions Age’s year-long special focus on diversity, equity and inclusion (DEI),

Laura Blows explores neurodiversity and the pensions workplace

The best laid plans?

The government has confirmed that it will share a pension reform roadmap, but exactly what should be at the top of this list? Sophie Smith reports

Building a buy-in

Skipton group pensions manager, Andy Cheetham, pulls back the curtain on the pension scheme’s recent journey to a full buy-in

From data to delivery

Pensions Age sits down with Pension Administration Standards Association (PASA) chair, David Fairs, to discuss his newly appointed role and to find out how the association is raising administration standards and tackling data and dashboards challenges head-on

Trump’s tariffs spark a closer look at Europe

Sandra Haurant considers how Trump’s tariffs may have shifted investor attitudes towards the

European equities market

Inherited problems

The government’s plans to include pensions in the scope of inheritance tax has generated concern about how its rules can be feasibly implemented within the pensions industry. Laura Blows finds out more

Turning back time

DB schemes are currently enjoying funding surpluses, but haven’t we been here before? Laura Blows considers the changes and challenges that have occurred since the previous era of DB surplus in the 1980s/1990s, and the lessons to be learnt from that time

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Check out our latest jobs


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A changing DC market
In our latest Pensions Age video interview, Aon DC senior partner and head of DC consulting, Ben Roe, speaks to Laura Blows about the latest changes and challenges within the DC sector

Being retirement ready
Gavin Lewis, Head of UK and Ireland Institutional at BlackRock, talks to Francesca Fabrizi about the BlackRock 2024 UK Read on Retirement report, 'Ready or not. How are we feeling about retirement?’

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Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs
Podcast: A look at asset-backed securities
Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

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