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Govt urged to take action as pensioner poverty concerns persist


By Callum Conway

The government has been urged to take action to increase support for pensioners most in need, after research from the Fabian Society revealed that 1.9 million pensioners (16 per cent) are living in poverty.

In addition to calls for more urgent action, the group encouraged the government to use future phases of its pensions review to consider the purpose of the state pension and whether it needs to increase to fulfil that purpose in the long term


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Employers urged to consider salary exchange to mitigate rising NIC costs

Employers may be able to use salary exchange as a way to mitigate the additional costs they are set to face as a result of the increase in employer National Insurance contributions (NIC), analysis from Royal London has found

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Members increasingly engaging digitally; adequacy concerns persist

The pensions industry should offer diverse communication and education channels to cater to different preferences and evolving member needs, Scottish Widows has said, after its annual member survey revealed a growing preference for digital engagement

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TPO upholds complaint against employer for outstanding pension contributions

The Pensions Ombudsman (TPO) has upheld a complaint against Premier Group Recycling Ltd for failing to pay contributions into a worker’s Nest pension due to maladministration

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This week in pensions: 13-17 January 2025

Pensions Age takes a look back at the top stories of the week, including the appointment of Torsten Bell as Pension Minister and responses to the government proposals for defined contribution (DC) and Local Government Pension Scheme (LGPS) megafunds

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News in brief - 17 January 2025

The latest news in brief and mandates from the past seven days

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Govt urged to focus on existing policies amid concerns over DC megafund plans

Whilst industry experts have broadly welcomed the objectives behind the government's plans to introduce defined contribution (DC) megafunds, concerns around the proposed approach, unintended consequences and "challenging" timelines have been raised.

Given this, the government has been urged to prioritise reforms already in train to avoid implementing overlapping proposals that could prove "wasteful" and compromise overall efficiency gains

Check out our latest news

TPP announces plans to invest ‘significant’ funds into private markets

The People’s Pension (TPP) has announced plans to invest a "significant" proportion of the £31bn of assets it manages in private markets later this year, with a target of growing this allocation to 10 per cent, or £4bn, by 2030
Industry backs LGPS reform objectives but warns of implementation challenges

Pension experts have expressed support for the government’s plans to improve the Local Government Pension Scheme's (LGPS) scale, governance, and investment, although concerns have been raised over accelerated timelines and potential conflicts of interest
Guest comment: The Pensions Dashboards Programme looks ahead to 2025

Pensions Dashboards Programme (PDP) principal, Chris Curry, discusses the programme's latest milestones, and its plans and ambitions for 2025
Rethink plans to bring pensions into scope of IHT, govt told

The government has been urged to "take a step back" from its plans to bring pensions into the scope of inheritance tax (IHT) and plot a new way forward, following concerns that the current proposals could risk "forcing a round peg into a square hole"

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Third of Brits do not have a retirement plan

A third of Brits (32 per cent) do not have a retirement plan, according to a new survey by Checkbox
Bell’s appointment as Pensions Minister sparks industry hope for AE reform

The pensions industry has welcomed the appointment of Torsten Bell as Pensions Minister, with hopes that Bell’s background of campaigning for high retirement living standards could “revive the necessary discussions about increasing auto-enrolment (AE) pension contributions”


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Highlighted Content

Trustees Guide 2025

Pensions Age covers many of the key topics that Trustees will be looking at in the year ahead

Looking to India

Malcolm Reynolds from Aptia looks at how India can help the admin capacity crunch

Real assets focus: The opportunities for DC schemes

We discuss how a strategic exposure to liquid real assets can be a useful component in a DC default investment strategy, providing not only further diversification but also long-term protection in different inflation environments

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The year ahead: Pensions in 2025

With what is thought to be the biggest package of pension reforms in decades on the horizon, Sophie Smith looks at the key priorities and areas of focus in 2025

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Employer covenant: A new dawn

Market shifts, including increased funding levels and new regulations, are prompting DB schemes to reassess the role of the employer covenant in their endgame strategies

Speaking Gen Z’s language

As societal norms shift, the pensions industry faces the challenge of engaging Gen Z – a

generation prioritising the present over retirement. Paige Perrin explores how providers are adapting their communications to younger savers

Happy days

Everyone hopes they will have a happy retirement, but could the pensions industry and policymakers be doing more to increase happiness among retirees? There’s more to this

than having enough money – although that does help – as David Adams discovers

Brightening up your admin

In July last year, the EDF Group (EDFG) of the Electricity Supply Pension Scheme transferred pensions administration services to Trafalgar House. Pensions Age sat down with EDF pensions liaison manager, Clive Pothecary, and Trafalgar House client director, Daniel Taylor, to find out what made the transition a success

From bricks to billions?

Callum Conway looks at the investment opportunities for pension funds within the affordable housing sector

Investing in challenging times

Sandra Haurant explores what lies ahead for investment markets in 2025

Pensions Age 2025 special focus: Why DEI?

Diversity, equity and inclusion (DEI) is an area of growing importance for those running pension schemes, as the benefits it can provide, both from an operational perspective and by way of improving customer service, is becoming more recognised. Yet there is much more to be done for DEI to be comprehensively implemented throughout the pensions sector. Therefore, Pensions Age is proud to explore DEI as its year-long special focus for 2025

The trends set to shape pension administration in 2025

The next 12 months are set to be a busy period for administrators, as the scale and complexity of their caseloads continues to grow

Getting a plan together

Pensions Management Institute chair, Ruston Smith, discusses the key changes that the government should be looking at to improve the pensions landscape in 2025

Navigating uncertainty: Top challenges for trustees in 2025

With insights from industry leaders and experts, Pensions Age explores the key challenges trustees face in 2025

Time for a change

Alex Janiaud considers whether the DC lifestyling investment pathway is still fit for purpose

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Time for CDI
Laura Blows speaks to AXA Investment Managers (AXA IM) senior portfolio manager for fixed income, Rob Price, about cashflow-driven investing (CDI) in Pensions Age’s latest video interview

Closing the gender pension gap
Laura Blows discusses the gender pension gap with Scottish Widows head of workplace strategic relationships, Jill Henderson, in our latest Pensions Age video interview

Keeping on track
In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track
Building investments in a DC world
In the latest Pensions Age podcast, Sophie Smith talks to USS Investment Management’s head of investment product management, Naomi Clark, about the USS’ DC investments and its journey into private markets

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