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DB funding regime proving less burdensome than initially feared

By Callum Conway

23/10/2026

The new defined benefit (DB) funding regime has proved less burdensome than initially feared for most pension schemes, with improved funding positions easing regulatory pressures, according to XPS Group.

In its latest report, Pension valuations: A headache avoided?, the consultancy suggested that initial concerns over restrictive funding requirements and increased compliance obligations had largely failed to materialise

Govt urged to act on state pension age hardship before 2029 review

The Work and Pensions Committee (WPC) has urged the government to introduce additional financial support for people unable to work as the state pension age (SPA) rises to 67, warning that waiting until the government's review concludes in 2029 would be "too late" for those affected

‘Run-in’ endgame strategy emerging as risk transfer market set to surge

Defined benefit (DB) pension trustees are increasingly adopting a ‘run-in’ endgame strategy, whereby they use run-on as a transitional stage on the path to buyout, according to Aon

Just 40% of savers understand pension investment options despite 'clear' communications

Just two in five (40 per cent) pension savers understood the investment options available for their remaining retirement savings after taking a withdrawal, despite rating the communication explaining their options highly for clarity, research from Standard Life has revealed

The Pension Protection Fund (PPF) has confirmed that the levy on conventional defined benefit (DB) schemes under its protection will remain at zero for 2027/28, while the Alternative Covenant Scheme (ACS) levy will be paused for one year

SPP sets out six-point reform plan ahead of expected 2027 Pensions Bill

The Society of Pension Professionals (SPP) has set out six recommendations for the future of the UK pensions system, arguing that policymakers should build on the success of automatic enrolment as they consider the next phase of reform ahead of an expected Pensions Bill in 2027

DC pension savers move closer to comfortable retirement despite higher living costs

Defined contribution (DC) pension scheme members are expected to see an improvement in their future living standard in retirement, with the Aon UK DC Pension Tracker rising sharply in the second quarter of 2026

CFOs favour pension scheme surplus buffer; opinions split on how to use it

The majority of corporate pension decision makers are in favour of maintaining a surplus buffer above the legal minimum, but opinions are divided on how surplus should be used, analysis from Independent Governance Group (IGG) has shown

Welsh National Opera pension scheme concludes £11.1m buy-in with Utmost

The Welsh National Opera Limited Pension Scheme has concluded an £11.1m buy-in with Utmost, securing the benefits of all 158 members of the scheme

Mansion House Accord signatories hold £11.1bn in UK private markets

Mansion House Accord signatories held £11.1bn of defined contribution (DC) growth-phase assets in UK private markets at the end of 2025, as part of £22.1bn invested in global private markets, according to the Association of British Insurers (ABI) and Pensions UK

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Highlighted Content

Leading with data, succeeding with mindset

Ranjit Shoker discusses the most effective way pension schemes can present themselves to insurers and superfunds, leading to efficient risk transfer processes

The rise of CDC across Europe

How are European countries currently adopting collective DC (CDC) pension models, and what lessons can the UK learn from these established CDC markets?

De-risking roundtable

Our experts look at the evolving UK pensions de-risking market

How Cyber Resilient is Your Pension Scheme?

With increasing regulatory and member expectations, it can be challenging to know where to start, or what to do next. Aon’s team of pensions cyber specialists have been delivering specialist pensions cyber advice since 2017.

Is it time for UK housing investors to go ‘full residential’?

The case for investing across the UK living ecosystem.

L&G roundtable

Our experts discuss Governance, partnerships and run-on options for DB schemes

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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

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Check out our latest appointments

Appointment update – 19 October 2026

The Association of Professional Pension Trustees (APPT) has announced that council members, Christopher Wheeler and Julia Yates, have been appointed as co-chairs

Appointments update – 8 October 2026

Aptia has appointed Jo Tyler as its UK chief operating officer (COO)

Appointments update – 5 October 2026

Hymans Robertson has hired Craig Payne as principal consultant in its Local Government Pension Scheme (LGPS) Governance, Administration and Projects team

Appointments update – 1 October 2026

Aviva has appointed Mark Thompson as chair of the UK Life and Pensions (UKLAP) Independent Governance Committee (IGC)

Appointments update – 30 September 2026

Independent Governance Group (IGG) has appointed Mike Ethelston as chief executive officer (CEO), effective 2 November 2026

Check out our latest features

You choose the endgame, we’ll build the bridge

Buyout, run-on or both? Whatever your scheme’s preferred destination, we’ll help you construct the way forward.

Change ahead

Paige Perrin sits down with new Pensions UK chair, Jamie Fiveash, to discuss his ambitions for his tenure, the association’s current areas of focus, and some of the biggest challenges facing the industry

Not the finish line

As the process of connecting all eligible schemes’ data nears completion, Pete Carvill looks to the next steps schemes need to take in preparation for dashboards going live

Building blocks for retirement

Skanska head of pensions, Mohsin Harhara, tells Francesca Fabrizi how the pension plan is working hard to secure an optimum retirement for its members

Searching the EM landscape

Sandra Haurant considers how and why pension funds can invest in the varied area of emerging markets

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

The £25 billion question

As the government steers workplace pensions towards £25 billion megafunds, Callum Conway asks whether greater scale will actually improve member outcomes – or reduce choice and centralise risk into fewer hands

A new lease of life

For many, getting older also drives the need to become financially wiser. How can the pensions industry assist an ageing population through the challenges of retirement?

Scale Up Fund: Investing in science and technology

Lynn Strongin Dodds explores whether the £1 billion Scale Up Fund can attract UK pension schemes to venture-capital backed science and technology companies, amid debate over how the fund should be managed and structured

A bad influence?

David Adams considers how the industry and policymakers can learn from the best finfluencers to help boost engagement and understanding, while reducing the threat posed by bad actors online

Is TCFD worth the work?

Once heralded as an important step for driving sustainability in pensions, questions continue to be raised about the value of such reports

The case for governance

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

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Check out our latest jobs

Independent Person

Posted by Greater Manchester Pension Fund (GMPF)

To be agreed on appointment

Guardsman Tony Downes House, Droylsden

We are seeking an individual with significant expertise in pension fund governance, investment, administration, regulation or a related field who can provide objective challenge and independent insight.

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Independent Person

Posted by

The Fund is seeking to appoint an Independent Person to support governance arrangements through the provision of independent expertise, objective scrutiny and constructive challenge.

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Head of Governance and Fire Administration

Posted by

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

Posted by

600 per day

London

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

Posted by

450 per day

London

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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