Pensions adequacy remained a key focus for the Pensions and Lifetime Savings Association (PLSA) during its centenary year, with the ongoing rollout of its ‘Five Steps to Better Pension’ campaign, as revealed by its 2023 Annual Report and Accounts.

According to the report, the association had a ‘strong year’ with its policy and advocacy work, with pensions adequacy being its strategic key focus, as it continues its “mission to help everyone achieve a better outcome in retirement”, which has remained a constant objective for the association since it was formed 100 years ago.

“Improving pensions adequacy, with a specific focus on ensuring the UK pension regime as a whole delivers adequate pensions, continued to be the PLSA’s top strategic objective in 2023,” said the report, culminating in its final report on its Five Steps to Better Pension campaign in October.

The report also stated that its influence in this area had already ‘paid off’, for example, with the publication of the Gullis Private Member’s Bill, which called for changes to the auto-enrolment regime, having adopted its proposals and receiving Ministerial support.

Another key focus for the PLSA in 2023 was its response to government interest in pension fund support for the UK economy, following the announcement of the Mansion House reforms aimed at ensuring pension funds invest in certain UK growth companies. The association published a paper on the key considerations for reform and, according to the report, anticipated action in this area, being “active for some time prior to the announcement to help officials understand pension funds’ duties, needs and constraints”.

Other key areas of focus for the association throughout 2023 included addressing the implications of the cost-of-living crisis, addressing the needs employers participating in the Local Government Pension Scheme (LGPS) and responding to the plethora of consultations published throughout the year.

“The spring and summer of 2023 witnessed one of the busiest periods for DWP policy initiatives ever seen” stated the report, ‘”it resulted in the PLSA responding to around 25 consultation documents on a wide range of important issues such as DB consolidation, DC decumulation, small pots and DC consolidation, LGPS investments and trustee skills”.

Commenting on the report, PLSA chief executive, Julian Mund, said the report “reflects on a strong centenary year for our policy work, with our Five Steps to Better Pensions adequacy initiative continuing to be our strategic focus – our mission to help everyone achieve a better retirement income has remained steadfast for 100 years.


“We also worked hard to ensure our members’ needs and views were represented in the debate on pension funds’ support for economic growth, while delivering policy and practical support across the cost-of-living crisis, net zero initiatives, pensions dashboards and the LGPS”.

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