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Fiduciary manager returns show ‘significant gap’ despite strong markets


By Callum Conway

A “significant gap” remains between the strongest and weakest fiduciary manager growth portfolios, despite all portfolios delivering positive returns in 2025, XPS Group has revealed.

According to its report, the strongest-performing portfolio returned 15.3 per cent in 2025, while the weakest-performing portfolio returned 8.1 per cent, representing a 7.2 percentage point performance gap


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FTSE 100 DB scheme surplus stands at over £550m on average

The average surplus of a FTSE 100 defined benefit (DB) pension scheme stood at over £550m on average at the end of 2025, with an estimated aggregate surplus of £39bn, according to an LCP report

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Over-60s residential property wealth three times greater than DC pension market value

Total residential property wealth held by the over-60s is estimated at £2.92trn, around three times more than the total market value of all defined contribution (DC) pension assets in the UK at £950bn, analysis published by Key Equity Release has revealed

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Endgame options growing for DB schemes as 85% have made a decision

Defined benefit (DB) pension schemes are considering a growing range of endgame options, with 85 per cent having decided on a route, the Aon Endgame Survey 2026 has found

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Just 9% of Gen Z using their pension provider's app

Only 9 per cent of Gen Z adults (aged 18-24) have ever accessed their pension provider’s app, despite 81 per cent using mobile banking as their main way to manage money, according to research by Penfold

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Institutional investors increasing allocations to insurance-related assets

Institutional investors are increasing their allocations to insurance-related assets in search of alternatives to traditional private markets strategies and more resilient portfolios, according to research from Gallagher Securities

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Nest and Pi Partnership join Governance for Growth Investor Campaign

The Governance for Growth Investor Campaign (GGIC) has expanded its membership with the addition of Nest and Pi Partnership, taking the collective assets managed and overseen by its members to more than £200bn

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TPR sets out AI governance expectations for pension schemes

The Pensions Regulator (TPR) has outlined its expectations for the responsible use of artificial intelligence (AI) in workplace pensions in its a new AI Plan, warning that trustees and scheme managers must act now to protect savers from emerging AI-driven risks
Annuity providers kept almost two thirds of investments in the UK in 2024

Bulk and individual annuity providers increased their UK investments by £22bn to £201bn in 2024, according to data from the Association of British Insurers (ABI)
Abbey Life pension scheme secures £200m buy-in with Standard Life

The Abbey Life Assurance Company Limited Staff Pension Scheme has completed a £200m buy-in with Standard Life, which is also the scheme sponsor, securing the benefits of more than 1,500 members
Pensions Age Autumn Conference 2026 open for registration

The Pensions Age Autumn Conference, taking place in London on Thursday 17 September 2026, is now open for registration

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Trustees urged to check data protection complaints compliance ahead of deadline

Pension scheme trustees have been urged to ensure they comply with a new law requiring a data protection complaints process ahead of its introduction next month (19 June), after Zedra warned the changes may have gone “under the radar” for some schemes
Low earners could benefit from ‘opposite’ pension reforms

The Pensions Policy Institute (PPI) has warned that no single automatic enrolment reform would improve retirement outcomes for all low earners, after new modelling revealed that different groups could benefit from 'opposite approaches'


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Knowing your options: Journey planning for Defined Benefit pension schemes

Our video explores choices for benefit schemes. With funding improved, CFOs and FDs can step back from volatility, considering buyout, financial or operational consolidation to manage risk and secure outcomes.

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Ian D’Costa highlights key precautions to consider when using AI in pension-related tasks

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Endgame solutions, tackling administration challenges, the debate around surplus, CDC in retirement, targeted support, private markets in DC, value for money, and member engagement and empowerment were just some of the topics at this year's Pensions Age Spring Conference.

The silent risk in the boardroom: How to approach strategic succession planning for pension boards

Planning ahead: Pensions Age speaks to Aon partner, Michelle Burgess, and Aon head of DC governance, Madalena Cain, about what trustee boards should consider when implementing succession planning.

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A power struggle

At the end of April, the long-running dispute about including investment mandation powers in the Pension Schemes Bill was finally settled with a last-minute compromise, after the row had threatened to sink the whole Bill. But why did this proposal to compel investment in some UK assets unite most of the pensions industry in opposition to it – and is the issue now really resolved? David Adams reports

Taxing confidence

With upcoming tax changes set to reshape both pension contributions and inheritance, Paige Perrin examines how reforms to salary sacrifice and inheritance tax (IHT) could affect saving behaviour, potentially weakening incentives at a critical time for pension adequacy

Direction of travel

There has been a push on the continent for pension reform, moving from first pillar-based systems to ones centred around second- and third-pillar provision. What are the implications for UK trustees?

Rethinking trustee oversight

As schemes consolidate and governance demands increase, Paige Perrin investigates industry opinions on the idea of a central trustee register, and how it could operate in practice, from scope and design to potential unintended consequences

The UK equity question

Sandra Haurant examines the shift from UK-focused equity allocations to global portfolios, and what it means for pensions and the domestic economy

Surplus in the spotlight

Association of Pension Lawyers chair, Matthew Swynnerton, reflects on the surplus implications of the Pension Schemes Act and The Pensions Regulator’s expectations

Shaping regulatory evolution

Financial Reporting Council executive director of regulatory codes and standards, Mark Babington, sits down with Paige Perrin to discuss the regulator’s current priorities, including its consultation on proposed changes to actuarial standards for CDC schemes and its ongoing work on the UK Stewardship Code

Rules and regulation roundup: What the FCA and TPR have on their plates

Callum Conway looks at how the FCA and TPR are moving from consultation to delivery, as targeted support, dashboards and the Pension Schemes Act drive a more outcome-focused, data-driven pensions system

Data regulations: Fit for purpose?

Thisbe Titley explores whether rules governing how pension schemes manage members’ data are keeping pace with modern risks

The journey to onboarding

Pensions Age sits down with Local Pensions Partnership Investments (LPPI) chief operating officer, Louise Jack, to discuss the provider’s onboarding of new partner funds following the 1 April implementation date for the government’s ‘Fit for the Future’ reforms

Thinking outside the box

Sometimes not abiding by standard protocol and instead thinking outside the box can make all the difference when it comes to assisting clients. Pensions Age finds out how

Pensions and AI: Potential but beware the pitfalls

Ian D’Costa highlights key precautions to consider when using AI in pension-related tasks

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Insurance, data and the path to buyout
Laura Blows discusses the challenges facing the DB sector and how small schemes can avoid a traffic jam en route to insurance, with Isio partner, Sam Coombes, and fellow Isio partner, Steve Robinson

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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