The UK pension sector is placing greater importance on consolidation and larger schemes and is being actively promoted by regulators and the government.

Given this, it's not surprising that TPT Retirement Solutions announced this week its intention to launch a multi-employer collective defined contribution (CDC) pension scheme just a week after the Pensions Minister’s announcement that legislation enabling these schemes will be introduced in the autumn.

This news suggests a step forward for CDCs, and a clear signal that momentum is building around alternative retirement models.

Additionally, in an update building on last week’s news, several pension providers have now completed their connection to the pension dashboard ecosystem following the connect-by date for larger schemes last week.

Meanwhile, Wednesday saw The Pensions Regulator publish updated guidance to help pension schemes make third-party applications, including those to appoint an independent trustee, building on its aim to reduce unnecessary regulatory burden.

At the same time, pressure is increasing for the UK government with the Association of Consulting Actuaries calling for a “pragmatic” regulatory regime to be introduced “sooner rather than later” to facilitate the release of defined benefit (DB) scheme surpluses.

This could unlock significant capital for reinvestment, aligning with broader efforts to mobilise pension assets in support of the UK economy.

The government has also been urged to go a step further in terms of UK investments, with Baroness Ros Altmann suggesting that the government should "embrace bold pension reforms" and require at least 25 per cent of new pension contributions to be invested in the UK economy as a "quid pro quo" for tax reliefs.

However, this was not the only update involving the government’s UK growth agenda, as Brunel Pension Partnership announced it is exploring its next steps of its future, after the government rejected the pool's proposed business case and invited the funds to pursue mergers.

Not a week goes by it seems in the past month where we don’t discuss the impact of the introduction of US President, Donald Trump’s, tariffs, and this week is no exception with the Society of Pension Professionals warning that defined contribution (DC) pension savers could see their potential retirement income fall by up to 20 per cent as a result of the tariffs.

However, other reports this week have highlighted the strength of schemes despite the market volatility, with Broadstone announcing that DB funding levels have remained "robust" and Isio suggesting that the Local Government Pension Scheme remains in "surprisingly strong position".

But concerns around adequacy have persisted, with Scottish Widows warning that 15.3 million people are at risk of retirement poverty, Barnett Waddingham suggesting that career breaks could cause a £230bn pension shortfall, and Aon pointing out that the oldest savers are projected to fare the worst in retirement.

However, research from LCP and the University of Bath suggested that to address adequacy concerns, particularly the major” differences in retirement spending patterns between homeowner and renter pensioners, there is a necessity for more tailored post-retirement income strategies.

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