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Nuveen to acquire Schroders for £9.9bn


By Jack Gray

US-based investment manager Nuveen has agreed to acquire Schroders for £9.9bn, subject to regulatory approvals.

The cash acquisition is set to complete in the fourth quarter of 2026, with the offer being made through private equity firm Pantheon, a wholly owned subsidiary of Nuveen


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Larger pension pots push annuity premiums to post-freedoms high

The total value of premiums paid into individual pension annuities rose by 4 per cent to £7.4bn in 2025, marking the highest annual level since pension freedoms were introduced in 2015, according to the latest data from the Association of British Insurers (ABI)

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Trustees urged to plan illiquid exits early to preserve endgame value

Trustees should build a clear exit strategy into their funding and journey plans before investing in illiquid assets, according to a paper from Van Lanschot Kempen Investment Management (VLK)

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DB surpluses rise by over 10% year-on-year

Defined benefit (DB) pension schemes’ surpluses rose by 10.6 per cent year-on-year to £220bn relative to long-term targets at the end of January 2026, analysis from XPS Group has shown

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Investment managers ‘hold steady’ on responsible investment

Investment managers are holding steady on responsible investment (RI) commitments, as no manager reported giving RI-related issues less consideration over the year to 30 June 2025, despite concerns the industry was retreating on these issues, according to LCP

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Which? expands Just Group partnership with launch of Destination Retirement service

Which? has expanded its partnership with Just Group to offer a new retirement-planning service, Destination Retirement, designed to help consumers approach and navigate retirement with greater confidence

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Industry supportive of TPR’s CDC code but calls for clarity on marketing and investment

The pensions industry has broadly welcomed The Pensions Regulator’s (TPR) proposals for a revised collective defined contribution (CDC) code of practice, but called for further consideration on marketing and investment strategy rules

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FCA urged to extend transfer reforms across whole DC market

Industry bodies have called for a coordinated, whole-of-market approach to the Financial Conduct Authority’s (FCA) proposed pension transfer reforms, warning that the measures risk falling short unless aligned across the defined contribution (DC) landscape
Avon Cosmetics Pension Plan completes £235m BPA deal with M&G

Avon Cosmetics Pension Plan has completed a £235m bulk purchase annuity (BPA) deal with M&G, securing the benefits of more than 3,000 members
Industry remains divided on DC VFM framework proposals

Industry opinion is divided on the government and regulators’ proposed new value for money (VFM) framework for workplace defined contribution (DC) pensions, according to a poll from Sackers
Employers risk falling into ‘pension pitfalls’ amid growing complexity

Employers are at risk of falling into ‘pension pitfalls’ due to complex pension legislation and increased minimum wage, Hymans Robertson has warned

Pensions UK appoints Phil Brown as head of DC and master trusts

Pensions UK has appointed Phil Brown as head of defined contribution (DC) and master trusts, alongside several other appointments to its policy and advocacy team
Pension risk transfer market set to reach £70bn in 2026

The value of deals completed in the UK’s pension risk transfer market is expected to reach £70bn in 2026, according to WTW’s annual De-risking Report


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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

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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

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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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THE ROLE OF INSURANCE-LINKED SECURITIES (ILS) IN PENSIONS TODAY
Francesca Fabrizi discusses the role insurance-linked securities can play in both DB & DC schemes with Leadenhall Capital Partners senior managing director, Alistair Jones

Private markets – a growing presence within UK DC
Laura Blows discusses the role of private market investment within DC schemes with Aviva Director of Investments, Maiyuresh Rajah

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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

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