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Pension Scheme Bill amendments and clarity needed, SPP says


By Sophie Smith

Despite broad support for the Pension Schemes Bill, there are various ways in which it could be improved, the Society of Pension Professionals (SPP) has said, reiterating its concerns over plans for a reserve power to mandate investment in private market assets. 

The group also raised concerns that the minimum pension fund scale requirement of £25bn will not necessarily drive additional investment diversification or deliver better returns, but could instead lead to unintended consequences of reducing competition


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Pension organisations back £3bn Haweswater upgrade

A coalition of UK pension and insurance investors, including the Pension Protection Fund (PPF) and a number of Local Government Pension Schemes, has committed financing to the £3bn refurbishment of the Haweswater Aqueduct Resilience Programme (HARP), marking one of the largest UK infrastructure deals in recent years

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Keeping track of the latest pensions dashboards connections

The Pensions Dashboards Programme (PDP) has confirmed that hundreds of pension providers have connected to the dashboards ecosystem, with over 40 million pension records from workplace and private pensions, over half of the total records, now connected

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FCA ‘very confident’ Targeted Support proposals will take effect by year-end/early next year

Financial Conduct Authority (FCA) head of asset management and pensions policy, Nike Trost, has said the FCA is "very, very confident" that the targeted support proposals will come into effect by the "end of the year or early next year"

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State pension set for 'significant uplift'; cost concerns persist

Concerns over the future of the triple lock have persisted, after analysis from Broadstone suggested that the state pension could increase by more than £550 next year under the triple lock, as average earnings growth is currently expected to outpace inflation

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This week in pensions: 18-22 August 2025

Pensions Age looks back on the week’s key developments, from pension tax speculation and regulatory updates to defined benefit (DB) scheme challenges and a busy annuity market

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News in brief - 22 August 2025

The latest news in brief and mandates from the past seven days

Check out our latest news

Rumours over potential tax-free pension lump sum 'raid' grow

Speculation over potential changes to pension tax rules has continued to grow ahead of the Autumn Budget, with reports that Chancellor, Rachel Reeves, is set to consider cutting the tax-free pension lump sum
MPs agree to extend mandatory scheme pays deadline following McCloud delays

The government has agreed to move the mandatory scheme pays deadline to 6 July 2027, aligning with the deadline for pensioner members, in what industry experts have branded as a "very welcome and pragmatic move"
SPM Plastics Pension Scheme completes £4m buyout with Just Group

The SPM Plastics Pension Scheme has completed a £4m full buyout with Just Group, securing the benefits of all 38 scheme members
Joint government/industry action needed to tackle pensions adequacy, SPP says

The government and pensions industry both need to take action to address pension adequacy concerns, the Society of Pension Professionals (SPP) has said, warning that this is “arguably the biggest challenge faced to date”

Policymakers urged to to take action to 'safeguard' future of retirement

Policymakers should take action to "safeguard" the future of retirement in Britain, Quilter has said, backing plans to move forward with a system of targeted financial support and calling for a consultation on the most appropriate state pension uprating
Under-35s nearly three times more aware of pension investments than retirees

People under 35 are nearly three times more likely than those over 65 to know where their pension is invested, with many younger savers taking a particular focus on ethical investing, research from OVO has revealed


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Highlighted Content

Endgame: The steps to success

Just Defined Benefits head of proposition development, Andy Fryer, shares what he has learnt following his move from the consultancy side to now working for an insurer

Podcast: Who matters most in pensions?

CIn the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs

Top tips for preparing your Own Risk Assessment

Susan Hoare explores how pension scheme trustees can get the most value from their first Own Risk Assessment (ORA).

Pension reform with long-term ambitions

The Pension Schemes Bill proposes a bold shift in UK pensions; delivering real value requires industry-wide effort

Surplus extraction is here: What should DB schemes do now?

L&G Head of Endgame Solutions, Mathew Webb, outlines what DB schemes should do now as surplus extraction rules evolve

LGPS: Staying on track

As the government ramps up its focus on the LGPS, our panel looks at what lies ahead for the scheme, the challenges it faces and the investment opportunities out there

Latest Podcasts

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Shifting gears

As the pensions landscape consolidates and evolves, Paige Perrin examines how The Pensions Regulator is adapting its role by shifting toward a more ‘prudential’ style of regulation. But what does this mean for the industry, and how is it reshaping relationships between the regulators, pension schemes, and trustees?

Finally on target?

Callum Conway looks at why the freedom and choice reforms failed to close the pensions advice gap, and how targeted support might offer the solution

Getting to grips with the pension ethnicity gap

Pension engagement among non-white savers is still lagging, posing challenging questions for the industry to answer. As part of Pensions Age’s year-long focus on diversity, equity and inclusion (DEI), Jon Yarker finds out more

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Getting entangled in sustainable investing red tape

UK pension schemes have a unique role to play in driving sustainable impact, but complex rules are slowing momentum

Eyes on the prize

Regulators and policymakers continue to consult on whether DC schemes provide value

for money to members. But is there a risk their good intentions will be overwhelmed by other

political priorities? David Adams reports

Thinking differently

As part of Pensions Age’s year-long special focus on diversity, equity and inclusion (DEI),

Laura Blows explores neurodiversity and the pensions workplace

The best laid plans?

The government has confirmed that it will share a pension reform roadmap, but exactly what should be at the top of this list? Sophie Smith reports

Building a buy-in

Skipton group pensions manager, Andy Cheetham, pulls back the curtain on the pension scheme’s recent journey to a full buy-in

From data to delivery

Pensions Age sits down with Pension Administration Standards Association (PASA) chair, David Fairs, to discuss his newly appointed role and to find out how the association is raising administration standards and tackling data and dashboards challenges head-on

Trump’s tariffs spark a closer look at Europe

Sandra Haurant considers how Trump’s tariffs may have shifted investor attitudes towards the

European equities market

Inherited problems

The government’s plans to include pensions in the scope of inheritance tax has generated concern about how its rules can be feasibly implemented within the pensions industry. Laura Blows finds out more

Turning back time

DB schemes are currently enjoying funding surpluses, but haven’t we been here before? Laura Blows considers the changes and challenges that have occurred since the previous era of DB surplus in the 1980s/1990s, and the lessons to be learnt from that time

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A changing DC market
In our latest Pensions Age video interview, Aon DC senior partner and head of DC consulting, Ben Roe, speaks to Laura Blows about the latest changes and challenges within the DC sector

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?’

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Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs
Podcast: A look at asset-backed securities
Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

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