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Global pension assets hit record $58.5trn; UK growth trails behind


By Sophie Smith

Total global pension assets rose to a record high of USD 58.5trn in 2024, driven by growth in the largest defined contribution (DC) markets, analysis from the Thinking Ahead Institute (TAI) has revealed.

However, the study showed that the UK has had the slowest growth amongst the major pension markets over the past 10 years, and was the only country in the study to exhibit negative annual growth over the past year


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More than half of DB schemes likely to run on for longer due to LDI crisis

More than half (52 per cent) of UK finance decision makers believe defined benefit (DB) pension schemes are more likely to run on for longer as a result of the liability-driven investment (LDI) crisis, research by Law Debenture has revealed

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Isio acquires K3 Advisory

Isio has confirmed that it has now completed its acquisition of the insurance and risk settlement specialist, K3 Advisory Limited, having received regulatory approval

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Profit warnings from UK-listed firms with DB schemes reach four-year high

UK-listed companies with defined benefit (DB) pension schemes issued 81 profit warnings in 2024, the highest annual volume since 2020, EY-Parthenon has revealed

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UK policymakers urged to address effects of the housing crisis on retired people

The UK’s housing crisis must be addressed in ways that meet the needs of older people, according to multiple speakers at the International Longevity Centre (ILC) Future of Ageing conference in London

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Greater Manchester aiming to be a 'pioneer' in improving lives of older people

Mayor of Greater Manchester, Andy Burnham, has said that he wants the region to “be a pioneer” in improving the lives of older people within stronger communities

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TPR outlines plans to 'step up' pension scam defences

The Pensions Regulator (TPR) has outlined plans to strengthen its defences against pension scams, by stepping up the multi-agency response it leads through closer collaboration, strategic partnerships and improved intelligence

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Pension professionals back govt’s DB surplus extraction plans

The majority (71 per cent) of trustees, employers, and pension managers support the government’s intentions to allow defined benefit (DB) schemes to extract surplus, a poll from XPS Group has revealed
FRC consults on updated UK Stewardship Code

The Financial Reporting Council (FRC) has launched a consultation on proposed revisions to the UK Stewardship Code, including changes to amend the definition of stewardship and reduce industry reporting requirements
Experts call for faster govt action on social care reform

The government should act more quickly to reform social care in order to mitigate negative social and economic impacts of an ageing society, to help older people work for longer if they wish, and save more for retirement, health and local government experts have said
Bank of England cuts base rate to 4.5%

The Bank of England (BoE) has cut interest rates from 4.75 per cent to 4.5 per cent, marking the third cut since the bank started to bring interest rates down from a peak of 5.25 per cent last August

News in brief - 7 February 2025

The latest news in brief and mandates from the past seven days
This week in pensions: 3-7 February 2025

Pensions Age takes a look back at the top stories of the week, including industry updates from The People’s Pension, updates in the defined benefit (DB) space, and investment news


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Trustees Guide 2025

Pensions Age covers many of the key topics that Trustees will be looking at in the year ahead

Rethinking value

What UK pensions can learn from Australia’s Net Benefit approach

Real assets focus: The opportunities for DC schemes

We discuss how a strategic exposure to liquid real assets can be a useful component in a DC default investment strategy, providing not only further diversification but also long-term protection in different inflation environments

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Five years after Brexit: Impact, opportunities, and challenges for the pensions industry

In the five years since Brexit, UK pension law has remained broadly aligned with EU rules. However, we could see small moves towards divergence in the future

Fighting the good fight

Pension Scams Industry Group (PSIG) chair, Margaret Snowdon, sits down with Sophie Smith to discuss the future of the organisation, and the latest in the fight for fairer treatment for pension and investment fraud victims

New power dynamics

The empowering and evolving relationship between trustees and consultants

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High yields and middling expectations

Gilts have long been a mainstay of pension investment strategy. But since the crisis in 2022, have attitudes shifted? We take a look at the current state of play for this traditionally solid asset class

Pensions dashboards near the end of the beginning

It has taken almost a decade to build the pensions dashboard. But the first deadlines for connection are now just months away

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Pensions on divorce – the importance of actuarial expertise

David Gordon explains the role an actuary can play when determining

how pension benefits should be shared following a divorce

LGPS pooling reforms: Too much too soon?

The government’s proposal to further consolidate LGPS assets has sparked debate about the potential benefits and drawbacks, as well as the feasibility of the timeline for implementing the changes

From awareness to action: PEG’s journey towards pensions equity

As part of our year-long special focus on diversity, equity and inclusion (DEI), Pensions Age speaks to Pensions Equity Group co-chair of communications and awareness, Molly Handley, about its mission to achieve equitable pension outcomes in the UK

Brightening up your admin

In July last year, the EDF Group (EDFG) of the Electricity Supply Pension Scheme transferred pensions administration services to Trafalgar House. Pensions Age sat down with EDF pensions liaison manager, Clive Pothecary, and Trafalgar House client director, Daniel Taylor, to find out what made the transition a success

A super step forward for DB

In a ground-breaking superfund transaction – the first involving an active, profitable sponsor – 1,500 defined benefit (DB) members of the Wates Group Pension Fund have transferred to the Clara superfund. Wates Group chief financial officer, Philip Wainwright, and Clara Pensions

chief transactions officer, Matt Wilmington, explain what this means for those members and the implications on the wider DB space

AI says hi

As the use of various artificial intelligence (AI) technologies becomes more widespread, some pension schemes are using it to improve member communications. David Adams looks

at the benefits this can bring – and the risks that need to be mitigated to safeguard members and schemes

Employer covenant: A new dawn

Market shifts, including increased funding levels and new regulations, are prompting DB schemes to reassess the role of the employer covenant in their endgame strategies

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Being retirement ready
Gavin Lewis, Head of UK and Ireland Institutional at BlackRock, talks to Francesca Fabrizi about the BlackRock 2024 UK Read on Retirement report, 'Ready or not. How are we feeling about retirement?’

Time for CDI
Laura Blows speaks to AXA Investment Managers (AXA IM) senior portfolio manager for fixed income, Rob Price, about cashflow-driven investing (CDI) in Pensions Age’s latest video interview

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The role of CDC
In the latest Pensions Age podcast, Laura Blows speaks to TPT Retirement Solutions Chief Client Strategy Officer, Andy O’Regan, about the role of collective DC (CDC) within the UK pensions space
Keeping on track
In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track

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