Pensions UK has confirmed that it will proceed with changes to its subscription model and membership categories, effective from 2026, following a consultation with members earlier this year.

The proposed changes include increasing the maximum subscription for fund members (pension schemes) from £23,405 to £35,000 over three years, which will affect its 22 largest members, as well as dividing its master trust members and business members into three categories - business members with a master trust, 'pure' master trusts and 'pure' business members.

The association stated that business members with a master trust will have their two subscriptions combined into one 'multi' membership based on the master trust assets under management (AUM).

The banding for this will increase, with the cap rising to £50,000 for £10bn AUM, and these members will only receive free delegate tickets for their trustees.

Meanwhile, 'pure' master trusts, including ‘monoline’ or ‘non-commercial’ master trusts (and excluding ‘accidental’ master trusts), will continue to have subscriptions based on assets under management, and their banding will increase to the same cap as business members with a master trust. 'Pure' business members will see no change to their subscriptions.

These changes in to subscriptions fees will be phased over three years from 2026 to 2028, when it invoices members in December 2025 for the year 2026.

In addition to these two changes, Pensions UK will also create a new membership category for local government pension funds (LGPS) and their administering authorities, based on the current fund member terms, with the maximum fee remaining at £23,405, increasing with inflation.

However, it said that it might revisit this category when the future of the local government pension landscape is clearer.

The organisation also said that it will now have five classes of members, including fund members, local government members, master trust members (no business member links), business members with associated master trusts, and business members.

Furthermore, the international member category will be removed, with members transitioning to the most suitable of the five existing membership categories - typically the fund member category.

It confirmed there will be no change to the services these members receive, and their subscriptions will be calculated based on their new membership category.

The association said it has decided to change its subscriptions as it “recognises the importance of continuing to be well resourced to support members and their views in what will be a sustained period of unprecedented change for UK pensions”.

The statement noted that the changes were influenced by the ongoing consolidation in pension provision, leading to a future with fewer and larger providers and suggested that its major members, especially master trusts, are deriving more value from its policy initiatives, committees, and events.

Additionally, it acknowledged that relying on business members to cover 60 per cent of its work for fund members is not a sustainable approach.

In the report on the consultation, Pensions UK said: “We are asking some members to pay more, but we will also increase the value our members get for their money. And there will be no extra cost at all for many parts of our membership, such as LGPS funds, smaller and medium-sized schemes and business members that do not run master trusts.

“Although we feel there is broad support for our proposals, we take careful note of the concerns that some members have raised and will look to address them. The concerns mostly relate to free delegate places at our events, awareness of our policy work, the quality of networking at our conferences and suggestions that we need to connect better with HR managers.

“The Pensions UK Board has discussed the feedback received from members and has decided to go ahead with the proposals, subject to addressing the points raised above. The board underlined the importance of a strong member offering, good communication about our services and value for money.”

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