The Pensions and Lifetime Savings Association (PLSA) has announced that it will focus its work programme on adequacy, pension fund consolidation, and various investment-related issues as it looks to help maximise saver outcomes.

The PLSA’s work programme is reviewed annually by its Policy Board, which includes experts from a diverse cross-section of its membership and is responsible for setting the policy agenda.

With a two-part pensions review underway and the Pension Schemes Bill expected to be tabled in the coming months, the PLSA said it will advocate for reforms to the policy and regulatory regime that will help everyone achieve a better income in retirement.

Beginning with adequacy, the PLSA outlined it plans to address the next steps for auto-enrolment and decumulation.

It noted that pension contributions remained too low for most people and that the system did not adequately support under-pensioned groups, including women, gig economy workers, self-employed people, and others.

Pension fund consolidation was also on the agenda, after also being highlighted in the Pensions Investment Review, as the PLSA said it would support consolidation where it demonstrably improves saver outcomes through better returns or reduced costs.

There will also be a focus on productive finance, environmental, social, and governance (ESG) and transition plans amid recent debate about pension schemes' role in generating economic growth in the UK.

The PLSA argued that fiduciary duty and investment strategies that serve savers' best interests remained the primary drivers of pension funds.

However, it said it advocated for policy and regulatory interventions which have the potential to make the UK a more attractive investment proposition for pension schemes.

The association added that it would also continue to work with members to help them achieve their net-zero goals by seeking policy change where needed, encouraging collaboration across the sector, and being at the forefront of considerations on how the finance sector can respond to the climate emergency.

PLSA policy board chair, John Chilman, suggested that many regulatory and policy initiatives were underway in the world of pensions.

“It is the job of the PLSA to use its expertise and influence to help ensure the system works as well as it can for savers," he continued.

“The Policy Board champions a policy framework that means people will have an adequate income in retirement and pension funds have the right regulatory and operating environment to deliver improved retirements.”

PLSA director of policy and advocacy, Zoe Alexander, added: “The two-part Pensions Review and Pension Schemes Bill mean 2025 is likely to be a watershed year for the pension industry setting in train significant change in the structure of the market to deliver better returns for members over time.

“The Policy Board has approved an ambitious work programme that will enable us to ensure reforms deliver the best possible outcomes for savers, as well as getting ahead of the debate to consider the big issues we face as an industry heading towards the 2030s,” she said.

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