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Global pension assets climb to $68.3trn as UK slips to fourth-largest market

By Callum Conway

9/2/26

Global pension assets rose by almost 10 per cent in 2025 to reach a record $68.3trn, driven by strong market performance and the continued expansion of defined contribution (DC) savings, according to research from the Thinking Ahead Institute (TAI).

While UK pension assets reached $3.2trn in 2025, growth averaged just 1.4 per cent per year over the past decade in US dollar terms - the weakest compound annual growth rate of all 22 major markets, except Brazil

Deloitte UK pension scheme concludes £700m BPA with Standard Life ahead of full buyout

The Deloitte UK pension scheme section of the Pensions Master Plan has finalised a £700m bulk purchase annuity (BPA) deal with Standard Life, paving the way for a full buyout by April 2026

Carlsberg pension scheme appoints Barnett Waddingham for actuarial and admin services

Carlsberg UK Limited Pension Scheme has chosen Barnett Waddingham as its actuarial and administration services provider

OBR analysis reveals potential impact of salary sacrifice changes

Analysis from the Office for Budget Responsibility (OBR) has revealed the potential scale of the impact changes to pension salary sacrifice arrangements could have on 'ordinary' workers

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Strong funding levels continue as endgame landscape reshaped by innovation

Strong funding levels across the UK’s largest defined benefit (DB) pension schemes are being accompanied by rapid innovation in the endgame market, LCP's latest Pension Explorer has revealed

Harwich Haven Authority Pension Fund finalises £45m buy-in with Royal London

Harwich Haven Authority Pension Fund has completed a £45m full buy-in with Royal London, securing the benefits of 170 members

GAD publishes LGPS gender pension gap reporting guidance

The Government Actuary’s Department (GAD) has published guidance on gender pension gap reporting in the Local Government Pension Scheme (LGPS)

DB scheme funding levels continue to improve heading into 2026

January saw a small increase in the defined benefit (DB) funding levels of modelled schemes, according to Broadstone’s Sirius Index, building on positive progress during 2025

News in brief - 6 February 2026

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

UK pension schemes have estimated £10.5bn invested in global coal industry

UK pension schemes have more than £10.5bn invested in companies that are extracting or burning thermal coal overseas, according to new research

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Highlighted Content

A year of innovation

Before looking ahead to the forthcoming year, People’s Pension proposition director, Kirsty Ross, looks back at some of their biggest and brightest achievements in 2025

Aptia: Adding innovation to administration and beyond

Aptia Group CEO, Bala Viswanathan, chats with Pensions Age about reshaping pensions administration through technology and talent

DC focus: Embracing the transformation

Reshaping retirement investing

Trustees Guide 2026

We cover many key issues to help Trustees navigate a complex environment in 2026

DC structures under the spotlight

Clare Freeman highlights the importance of reviewing established DC structures – whether its own trust, GPP or master trust – to improve governance, implement cost eﬃciencies and ultimately enhance member outcomes

Two steps forward, one step back

From reflections on the Budget, to considerations for future scheme design, our panel of experts reflects on the DC and master trust world of today and into the future

Latest Podcasts

Podcast: From pension pot to flexible income for life

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

The role of CDC

In the latest Pensions Age podcast, Laura Blows speaks to TPT Retirement Solutions Chief Client Strategy Officer, Andy O’Regan, about the role of collective DC (CDC) within the UK pensions space

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

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Check out our latest appointments

Appointments update – 5 February 2026

LGPS Central has confirmed David Kane will serve as its permanent chief finance officer (CFO) following a period as interim CFO, while Nicola Dymond has been appointed as chief operations & technology officer

Appointments update – 3 February 2026

Local Pensions Partnership Investments (LPPI) has appointed Roelie van Wijk as a non-executive director, effective 1 April 2026

Appointments update – 2 February 2026

Dalriada Trustees has appointed Rosy Anand as head of defined contribution (DC) trusteeship

Appointments update – 29 January 2026

Steve Deverell-Smith has been appointed as head of client consulting at Aptia

Appointments update – 28 January 2026

The London Pensions Fund Authority (LPFA) has appointed Matthew Hopson as its new director of finance and corporate resources

Check out our latest features

Swipe right for retirement: Can pension apps match modern expectations?

As consumer technology races ahead, pensions are still struggling to deliver digital experiences that feel intuitive, responsive and engaging. Callum Conway explores whether pension apps are finally closing the gap

Sizing up the social mobility challenge

Paige Perrin investigates why social mobility in the UK pensions industry remains limited, and how apprenticeships, DEI initiatives, and smarter recruitment could finally open the doors to a more diverse workforce, in the latest for Pensions Age’s special focus on DEI

Disclosures without the drama

As policymakers grapple with the future of pension sustainability reporting, UK Sustainable Investment and Finance Association (UKSIF) chief executive, James Alexander, sits down with Sophie Smith to call for smarter, more coherent disclosure rules that drive real-world outcomes, rather than red tape barriers

Going private: The asset class gathering pace

As the Mansion House Compact and Accord take hold, UK pension schemes are stepping up allocations to private markets. Sandra Haurant reports

Is this the real life? Is this just fantasy?

The challenge for the pensions industry to spot AI-generated ‘deepfakes’, and the role they may play in identity fraud

The sum of many small parts

As the number of self-employed continues to rise, what changes are required to better assist them in their retirement saving?

Coming of age

With the professional trustee market reportedly entering a new stage of maturity, Laura Blows

explores whether the sector is experiencing any growing pains

The future of covenant assessment

Employer Covenant Practitioners Association chair, Luke Hartley, explores the continued importance of the employer covenant throughout this period of great change

Putting the ‘me’ in member

Universities Superannuation Scheme (USS) pensions operations and services executive,

Stephen Worthington, explains how the UK’s largest private pension scheme has made member experience central to its operations

Cheap and cheerful?

The debate between cost and value has continued to persist, as whilst increased scale has allowed providers to negotiate better fees, not all are convinced that this is delivering the best value for savers

Closing the disability pensions gap

Many people with disabilities are unable to accumulate significant occupational or private pension savings, in part because of the difficulties to find work and the struggles they may face within the workplace. David Adams looks at what the pensions industry, employers and policymakers might do to help ensure more disabled people can enjoy a better income in retirement

Multi-employer CDC in practice – from drawing board to delivery

After years of planning, the first multi-employer CDC pension schemes could be launched as early as 2027, with regulators set to publish rules this autumn

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Head of Pensions

Posted by

84,421 to £93,565 plus benefits and relocation support

Stevenage / Hybrid

Full time

The Hertfordshire Pension Fund is part of the Local Government Pension Scheme (LGPS) and administered by Hertfordshire County Council. With 123,922 members, 529 employers, and £6.25 billion in assets, we are a cornerstone of financial security for thousands of public sector employees across the county. Joining us means playing a vital role in delivering excellence, innovation, and integrity in public service.

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Pensions UK Chair

Posted by Pensions UK

Pensions UK is the voice of pensions in the UK, trusted and heard by the government and the pensions industry.

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In-House Pensions Manager, Governance

Posted by Sammons Pensions Recruitment

superb compensation package

Hybrid/Glasgow office 3 days per week

We’re looking for a Pensions Risk & Governance Senior Manager to lead risk oversight and governance for one of the UK’s largest occupational pension schemes. This is a high-impact role offering hybrid working from Glasgow (3 days in-office per week) and the chance to drive governance at the highest level.

To discuss this role in confidence please call Sarah Bergin-McCarthy on 020 7293 7022 or email sbm@sammons.co.uk. please quote reference 119233.

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Quality Assurance Pensions Administrator

Posted by Abenefit2u

Up to c£41,000pa plus excellent benefits

Leeds twice per week

Permanent

Are you highly detail-oriented with a passion for accuracy, continuous improvement, and high-quality outcomes? An established workplace pensions provider is expanding its Quality Assurance (QA) function and is looking for two experienced Pensions Administrators to help shape and strengthen this growing area of the business.

We are looking for someone with;

• Proven pensions administration experience, including manual benefit calculations (essential).
• Experience or understanding of User Acceptance Testing for system changes and calculation updates (desirable — training provided).
• A strong eye for detail with a naturally questioning and analytical mindset.
• An inquisitive, improvement-focused approach, with confidence navigating complex scenarios

For a confidential discussion please telephone Tasha Davidson on 0208 274 2842 / 07958 958626 or email tasha@abenefit2u.com

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Pensions Manager, In House

Posted by Sammons Pensions Recruitment

Excellent + competitive benefits & bonus

Hybrid/c.4 days a week office South East or West Midlands

Fantastic opportunity to take your career forward leading this in-house Pensions function.

To discuss this role in confidence please call Sarah Bergin-McCarthy on 020 7293 7022 or email sbm@sammons.co.uk. please quote reference 80721.

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