The industry has been working to get to grips with Chancellor, Rachel Reeves’, 'radical' pension reform package this week, after she used her Mansion House speech to announce plans to create defined contribution (DC) and Local Government Pension Scheme (LGPS) 'megafunds'.

This is not the only government consultation for the industry to respond to, however, as industry experts have also been working to provide feedback on the Department for Work and Pensions' (DWP) draft legislation to extend collective defined contribution (CDC) provision beyond single or connected scheme.

Whilst industry experts welcomed the consutlation, with Aon head of collective DC and partner Chintan Gandhi highlighting it as a “significant” next step in the development of CDC in the UK, concerns have been raised over the proposed governance requirements.

In particular, the Society of Pension Professionals (SPP) warned that the proposed draft pension legislation to extend CDC beyond single or connected schemes may be “unduly onerous” and could “inadvertently constrain activity”.

Broader updates have also been shared following the Mansion House speech, as the Financial Conduct Authority (FCA) outlined its next steps for the Advice/Guidance Boundary Review, including a December consultation on targeted support for pensions.

In addition to this, the Pensions Dashboards Programme (PDP) published an updated version of its reporting standards, as the programme continued to move forward "with pace".

Updates in the defined benefit (DB) space have also been promised, as the Secretary of State for Work and Pensions, Liz Kendall, recently confirmed that the government is working to provide a response to the Work and Pensions Committee's (WPC) report on DB pensions "in the new year".

In other news, various studies once again highlighted the importance of early retirement savings, with a report from Aqua revealing that more than one in five (22 per cent) UK adults wish they had learned to save for retirement earlier.

Additionally, research from Hargreaves Lansdown revealed that nearly one in five employees (19 per cent) did not know how much they and their employer were contributing to their pensions.

Research from the Pensions Policy Institute (PPI) also suggested that further challenges could be in store for future retirees, after it found that retirees in 2034 will live for longer but will face "significant" challenges in achieving an adequate quality of life in retirement.

It wasn't all doom and gloom though, as the winners of the 13th annual Irish Pensions Awards were announced on Wednesday night at the highly anticipated gala dinner at The Round Room at the Mansion House in Dublin.

To view the complete list of awards and the winners, click here.

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