The first Pensions UK Annual Conference, held this week in Manchester, brought together government officials and industry figures to discuss market trends, policy updates, and regulatory developments.

Speaking at the conference, Pension Minister, Torsten Bell, defended the government’s proposed reserve power in the Pension Schemes Bill, telling the industry to “chillax”.

When asked why the government was “insisting” on a power that could, in theory, force trustees to act against members’ best interests, Bell maintained that the power is intended only to ensure the industry meets its commitments, such as the Mansion House Accord, and not to interfere with trustees’ fiduciary duties.

Mandation was also the topic of debate at another session at the conference, with industry experts remaining divided over the government’s reserve power in the bill.

Another major industry development discussed at the conference was the revived Pension Commission, with commissioner, Nick Pearce, confirming that an interim report is set to be published in the spring.

The conference saw discussion of a number of key reforms included in the Pension Schemes Bill, including value for money (VFM), with research shared by People's Pension at the conference revealing that VFM metrics “significantly” influence consumer decision-making.

Local Government Pension Scheme (LGPS) issues also dominated discussions both inside and outside the conference this week.

Industry experts suggested that the ongoing work to consolidate the LGPS remains on track, building on the recent news that all 10 Brunel Pension Partnership partner funds have now named their choice of new LGPS pool, with six opting for the Local Pensions Partnership Investments.

However, there are continued concerns over the sustainability of workloads and the longer-term direction of travel.

And further work could be on the horizon, as the government also announced the launch of a consultation on four proposed changes to the LGPS in England and Wales, sharing the draft regulation for the first two changes alongside this.

This is not the only area where more work is needed, as The Pensions Regulator also issued an update this week, suggesting that while defined contribution (DC) master trusts are leading preparations for the proposed guided retirement duty, many DC schemes, particularly small and micro schemes, are lagging behind.

Broader updates were also shared amid the conference, as an update from the Association of British Insurers revealed that Mansion House Compact signatories reported steady progress on their commitments, although client support for increased investing in unlisted equities has declined.

In addition to this, cybersecurity efforts have once again heightened, after the news that the Information Commissioner’s Office fined Capita £14m for failing to secure personal data in a 2023 breach that exposed millions of records.

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