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Small pots reforms will place ‘significant demands’ on industry


By Callum Conway

The government’s small pots reforms will place significant demands on pension administrators, systems and data, the Pensions Management Institute (PMI) has warned, as the industry called for an operationally workable consolidation framework.

The warning followed the launch of the government’s consultation on the governance framework and digital infrastructure required to implement its proposed small pension pot consolidation regime


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DWP launches consultation on small pots consolidation

The Department for Work and Pensions (DWP) has published a consultation on the automatic consolidation of deferred small pension pots through the introduction of consolidator schemes

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S179 valuation requirements ‘disproportionate’ amid zero PPF levy

The Association of Consulting Actuaries (ACA) has called for a wider review of section 179 valuation requirements, arguing that the current process is disproportionate while the conventional Pension Protection Fund (PPF) levy remains at zero

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Bulk annuity insurers expand digital support for members

Pension bulk annuity insurers have accelerated their investment in services and support for members over the past 12 months, with all insurers surveyed by Aon now offering a self-service portal, up from 90 per cent in 2025

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Almost a third of savers rate pension transfer process average or worse

Nearly a third (30 per cent) of people who transferred a pension between 2022 and 2025 rated the process as average, poor or very poor, research from Huntswood has found

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One in six employers have never reviewed pension scheme for value for money

One in six (16 per cent) employers have likely never reviewed their workplace pension scheme to ensure it offers value for money, with 11 per cent stating this outright and 5 per cent admitting they did not know, according to research by Everywhen

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Over two-thirds of DB schemes now in surplus as recovery plans shorten

More than two-thirds of defined benefit (DB) schemes in The Pensions Regulator’s (TPR) latest funding analysis are now in surplus, almost double the proportion recorded for the same cohort three years earlier.

TPR’s latest Occupational DB scheme funding analysis found that 67 per cent of tranche 19 schemes reported a surplus, compared with 39 per cent for tranche 16, highlighting the significant improvement in scheme funding positions over the past three years

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Women nearing retirement have just over half men’s pension wealth

Women aged 55 to 59 have just 54 per cent of the pension wealth held by men of the same age, with differences in working patterns identified as the biggest driver of the gender pensions gap, according to research from the Pensions Policy Institute (PPI)
LTAF analysis reveals 5% gap in expected returns

Long-Term Asset Funds (LTAF) with the highest expected returns offered around 5 per cent a year more in expected returns than those with the lowest, according to analysis by XPS Group, which also found wide variation in fees, asset allocation and liquidity structures
Annuity providers reach £22.8bn of £100bn UK productive investment pledge

The insurance and long-term savings sector has invested £22.8bn in UK productive assets since 2024, putting it more than a fifth of the way towards its £100bn investment commitment, according to the Association of British Insurers (ABI)
Triple lock faces fresh scrutiny as state pension set to exceed tax-free allowance

The state pension triple lock is facing renewed scrutiny after the latest figures put the full new state pension on course to exceed the personal tax allowance for the first time from April 2027

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Engineering Council Pension Scheme secures £9m buyout with Just Group

The Engineering Council Pension Scheme has completed a £9m full-scheme buyout with Just Group, securing the benefits of around 90 members
Industry warned digital revolution could widen inequality for some pension savers

The pensions industry must ensure digital transformation does not leave some savers behind, a paper by the Society of Pension Professionals (SPP) has warned


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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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