The holidays are in full swing. Decorations are up, the lights are on, and mulled wine (and punch) are flowing, while the high street has been getting busier and busier as people get ready to celebrate.

But while children around the globe may be getting their Christmas lists ready for Santa, the pensions industry has a few asks of its own.

The Pensions and Lifetime Savings Association (PLSA) director of policy and advocacy, Nigel Peaple, has some Christmas Wishes that I’m sure the industry will fully stand behind, wishing for “peace in Ukraine, for energy costs to fall and for the cost-of-living crisis to relent”.

Peaple also has some more pensions-specific Christmas wishes, adding: "After that I would ask for the adoption of the recommendations put forward in our ‘Five Steps to Better Pensions’ Report.

“In particular, for a set of national objectives so everyone has an adequate pension and to broaden automatic enrolment and increase contributions.”

Adding to this, Pensions Management Institute (PMI) director of policy and external affairs, Tim Middleton, said that one change that might bring “joy to the pensions world”, is the removal of the Tapered Annual Allowance, which he says is “hated by administrators and members alike”.

“It is challenging to administer and makes pension planning for those affected by it particularly difficult,” he continued.

“As Chancellor, Rishi Sunak raised the thresholds for its implementation so that the number of individuals affected by it - and the amount of tax it raises – is very small. The case for its retention is now weak, and its abolition would result in joy to the pensions world.”

Ross Trustee trustee director, Grant Suckling, meanwhile, says that “after the tumultuous year the pensions industry has had, the two things I would love for Christmas are stability and clarity”.

“Stability for members so we can fully assess the impact the recent turbulence has had on their pots," he continues.

"Stability for schemes so that we know the position of their assets and liabilities, and stability on the part of government – fingers crossed no more last minute changes in economic policy or ministerial posts!

“I’m hoping Santa brings us some clarity on the introduction of The Pensions Regulator (TPR) new Single Code of Practice and Funding Code, but it’s always good to try and not to overindulge at Christmas so maybe the new codes can wait until the New Year."

Adding to this, Pensions Scams Industry Group chair, Margaret Snowdon, is wishing for “an end to talk of the imminent death of private sector DB pensions, warning that creating a fever around “DB endgame” does nothing to promote confidence in pensions generally. Perhaps a well-timed wish after yesterday’s figures from TPR.

TPT DC director, Philip Smith, however, is calling for an “end of the race to the bottom on workplace pension pricing”, to allow schemes to better concentrate on overall value for members and consider more innovative investment opportunities, rather than solely focusing on price.

The current environment has made some Christmas wishes even more pressing, as Secor Asset Management head of UK distribution, Jason Allen, says: “We would love it if Santa would gift to pension world the ability to easily increase inflation caps for schemes given the record levels of inflation.

"Many members will have their real value of pension benefits reduced as inflations caps bite.”

Cartwright head of pensions administration, Julie Yates, has a simple ask of the government, simply not to increase the state pension age anymore.

In contrast though, Cartwright’s Sam Roberts has a few items to add to the must-have pensions wish list, hoping for a freeze in economic conditions, as well as a more rounded discussion on environmental, social and governance (ESG) issues, including the apparent downsides for ordinary people, and recognising wider environmental issues such as biodiversity and soil quality.

Quietroom director, Simon Grover, meanwhile, is keen to emphasise that “Christmas is first and foremost a time for joy, spending time with family and friends, and of course giving and receiving presents!”

“When you choose what to give, you always think first about what that special person really wants or needs,” he continues.

“So at Quietroom our pensions Christmas wish is that the pensions industry does the same for members: finding out what they really want or need and giving it to them, rather than chucking a sack of stuff at them and leaving them to have a rummage.”

Fingers crossed that at least one or two of the items on the industry's wish list could become a reality in the year ahead, and if not, there is always next year!

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