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Fees, skill gaps and lack of opportunities holding back private market investment - TPR
Schemes urged to use covenant 'intelligently' to support run-on and surplus sharing plans
One in six 'mass-affluent' adults stop or pause pension contributions
Global asset owners plan to increase infrastructure and EM equity allocations
Advisers urged to make retirement planning a ‘family affair’ amid participation gap
Almost half of Gen Z will experience retirement poverty at minimum AE levels

Top Story

Fees, skill gaps and lack of opportunities holding back private market investment - TPR

By Callum Conway

21/9/2026

Pension schemes are interested in investing in private markets but are being held back by opaque fees, governance and knowledge gaps, regulatory uncertainty and a shortage of suitable investment opportunities, The Pensions Regulator (TPR) has found.

It noted that trustees and their advisers were generally open to UK private market investments where they met their scheme’s requirements for expected returns, risk, diversification, cash flow and liquidity

Schemes urged to use covenant 'intelligently' to support run-on and surplus sharing plans

The flexible use of covenant by trustees and sponsors can provide greater confidence for higher growth strategies in a run-on or surplus sharing approach, according to LCP partner in the covenant team, Jon Wolff

One in six 'mass-affluent' adults stop or pause pension contributions

Around one in six 'mass-affluent' adults have either stopped or paused workplace pension contributions in the past year, research by Raymond James has found

Global asset owners plan to increase infrastructure and EM equity allocations

More than half (51 per cent) of global asset owners, including pension funds, intend to increase allocations to infrastructure over the next 12 months, research by Marsh has revealed

Advisers urged to make retirement planning a ‘family affair’ amid participation gap

Financial advisers should make retirement planning a ‘family affair’, with UK advice firms facing a participation gap, according to Scottish Widows and NextWealth

Smaller defined benefit (DB) schemes may lack the governance capacity needed to assess the growing range of endgame options available to them, Aptia head of pension risk transfer, Russell Laver, has warned

Pension Awareness Week blog: Out of sight, out of mind

Callum Conway discusses why Pension Awareness Week should encourage savers to find their pension pots, understand what they are paying and take greater control of their retirement plans

Pension savers' support for infrastructure investment improves with clearer information

Pension savers' support for infrastructure investment rose from 55 per cent to 72 per cent after they were provided with clearer information, according to research from IFM Investors, Nest and Border to Coast

Pension schemes should be 'part of the conversation' on AI data regulation

Pension schemes’ specific experiences of data collection should factor into the government’s future approach to artificial intelligence (AI) data regulation, according to Zedra

News in brief - 18 September 2026

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

MPs launch inquiry on minimum AE contributions

The Work and Pensions Committee has launched an inquiry into whether minimum automatic enrolment (AE) contributions should rise and how the cost of any increase should be divided between employers and employees

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VAT recovery and pension schemes: A problem for employers, trustees or HMRC?

Matthew Swynnerton discusses the confusion surrounding HMRC’s shifting guidance towards pension schemes recovering VAT costs

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Smart UK chief executive, Jamie Fiveash, shares more about Smart Pension surpassing £10 billion in assets under management (AUM) and how this is much more than just a number

Expanding ESG transparency in private markets

Pensions Age speaks to Sustainalytics ESG research analyst, Melissa Bird, about why extending ESG frameworks into private markets matters more as investor allocations continue to increase.

The future of pension transfers: Pace balanced with protection

Pension transfers are getting faster, and that’s good news for savers.

Tech for a new world

From dashboards and targeted support, to transfers and tracing, our panel considers the technological challenges and opportunities that will define the future of pensions

Supporting retirement decisions

Laura Blows discusses retirement saving levels in the UK, and the support required for members, trustees and employers, with Wealth at Work director, Jonathan Watts-Lay

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Check out our latest appointments

Appointments update – 21 September 2026

Hymans Robertson has appointed Lauren Branney as head of collective defined contribution (CDC)

Appointments update – 17 September 2026

Howden Employee Benefits has appointed John Deegan as a non-executive director on its UK board and as an adviser to the Global Employee Benefits Executive Leadership Team

Appointments update – 3 September 2026

Sarah McIvor has joined Hymans Robertson's wind-up team as a principal and senior post-transaction specialist

Appointments update – 2 September 2026

Standard Life has appointed Emma Furlonger as managing director of workplace and retail intermediary businesses

Appointments update – 18 August 2026

Wendy Redshaw has been appointed as Standard Life’s first-ever group chief digital & technology officer

Check out our latest features

Keeping things moving

Despite pension scam measures making pension transfers more secure, they’ve also slowed the process and created more complications for legitimate transfers. As the government considers changes to cut delays, Paige Perrin explores whether new technology can help providers speed up transfers without compromising security

Blending old and new

Laura Blows explores how Local Government Pension Scheme (LGPS) funds can manage pension fund committee member turnover as a result of local elections

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As Prime Minister, Andy Burnham, pledges Britain’s biggest social housebuilding programme since the Second World War, Callum Conway examines whether pension capital can help close the country’s affordable housing gap, or whether practical and regulatory barriers still pose a problem

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Modern life

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Fewer hands, greater power

Consolidation is reshaping UK pensions, concentrating power among fewer trustees and driving a shift towards a more professional, large-scale governance culture. But alongside the benefits, it also raises important questions around accountability, diversity, and whether member voices risk getting lost

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One year after the launch of the Governance for Growth Investor Campaign (GGIC), its chair, Caroline Escott, speaks to Callum Conway about investor rights, dual-class shares, corporate reporting reform and why weakening governance standards will not revive the UK’s IPO market

Changing course

As schemes face a growing range of provider options and increasing pressure to demonstrate value, trustees are taking a closer look at whether their existing providers remain fit for purpose. Paige Perrin examines what is driving schemes to review and change providers, how they approach the process and whether growing competition is leading to better value and service

Collective action

Recent government and regulatory announcements will enable the creation of new whole-of-life collective defined contribution (CDC) schemes. With regulatory backing for retirement CDC also imminent, David Adams looks at the practical challenges facing schemes and providers seeking to turn the theoretical promise of CDC into reality

Best foot forward

Pensions Age sits down with Paul Black, professional trustee at Pi Partnership, and chair of the Dr. Martens Airwair Group Pension Plan, to discuss the scheme’s buy-in with PIC trustees, along with Matt Richards, PIC’s representative on the transaction, and Nikhil Patel, representative of the scheme’s risk transfer consultant, Howden (Barnett Waddingham)

Predicting the unpredictable

What are the challenges faced by pension schemes when it comes to modelling and valuations? How can members be provided with a clear idea of what they will need in retirement, what their income will be, and how much they need to save now?

A new chapter

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67,168 - £78,227 pa (Pro rata for Part Time Posts)

Hybrid working, Bradford

37 hours per week

We are seeking an exceptional leader to join our senior management team as Head of Governance and Fire Pensions Administration. This is a unique opportunity to lead a high-performing service responsible for delivering pension administration and governance functions to Fire & Rescue Authority clients while ensuring the highest standards of regulatory compliance, customer service and organisational governance.

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Non-Executive Chair of the Armed Forces Pension Board

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600 per day

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The Chair of the Armed Forces Pension Board will be responsible for developing public service pension scheme governance and will deal with a wide range of stakeholders including MOD employers, in particular with MOD Pensions Policy and members, Ministers, the Scheme Administrator (Defence Business Service (DBS)) and The Pensions Regulator (tPR). The Chair will be expected to contribute in a way that will benefit scheme members, employers and the taxpayer.

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Non-executive Member of the Armed Forces Pension Board

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450 per day

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The new NED Member of the Armed Forces Pension Board will be responsible for bringing their wider Pension experience to bear in support of MOD further developing public service pension scheme governance for the Armed Forces Pension Schemes (AFPS). They will be expected to enhance the Board’s ability to provide robust, independent challenge to the scheme manager and delivery partners. This is essential given the scale, complexity, and sensitivity of current pension activity including remedy delivery, transformation and litigation related risks. The additional NED would have a particular focus on training and education ensuring regulatory compliance in this area.

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Trustee Director Appointments; The Aon MasterTrust

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Excellent benefits & bonus potential

Hybrid, Berkshire offices 3 days per week

Highly varied opportunity with this global industry-leader, as you lead delivery, governance, and development of pension and benefit programmes across the UK and Ireland.

To discuss this role in confidence please call Sarah Bergin-McCarthy on 020 7293 7022 or email sbm@sammons.co.uk. please quote reference 133332.

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Supporting retirement decisions

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Podcast: Who matters most in pensions?