South Yorkshire Pensions Authority (SYPA) has confirmed a strengthened funding position following its 31 March 2025 actuarial valuation.

The fund improved from 119 per cent to 142 per cent funded, enabling a reduction in average employer contribution rates from 19 per cent to 13 per cent, a move expected to save participating employers more than £90m over the next three years compared to the previous period. The savings are set to benefit South Yorkshire’s four councils and a range of other employers, easing budgetary pressures while supporting frontline services, with the newly agreed Funding Strategy Statement (FSS) reaffirming the authority’s long-term approach to stability, sustainability and affordability. South Yorkshire Pensions Authority director, Gillian Taberner, said the results demonstrated the “strength and resilience” of the fund and highlighted the importance of continued collaboration with employers to maintain sustainable contribution levels.

More than half (56 per cent) of UK adults aged 61-79 see certainty as the most important factor for retirement income, LV= has found.

This compared to 29 per cent who favoured flexibility and 19 per cent who chose growth, according to the research. It also found that 61 per cent of those approaching or in retirement had not yet considered specific income options, underscoring a significant advice and engagement gap. Among those who had explored options, income drawdown (13 per cent) and lifetime annuities (11 per cent) were the most commonly considered, while other solutions, such as fixed-term annuities and equity release, lagged behind. LV= highlighted the potential of centralised retirement propositions that combine multiple income solutions to balance certainty, flexibility and tax efficiency. Indeed, LV= savings and retirement sales director, Gwen Haggo, said the findings showed clients “shouldn’t have to choose” between these outcomes and emphasised the role of advisers in delivering more tailored, blended strategies.

Pension contributions surged in the run-up to the end of the tax year, research from Penfold has revealed.

The digital pension provider reported a 182 per cent increase in one-off contributions in the final two weeks before 5 April compared to the previous fortnight, alongside a year-on-year rise of nearly 50 per cent in total contributions and a 25.67 per cent increase in one-off payments, as savers acted to maximise tax relief opportunities. The average last-minute contribution reached £6,553, indicating that many individuals delayed pension decisions until the deadline, with the data pointing to strong engagement but also highlighting the importance of encouraging more consistent saving habits. Penfold CEO, Chris Eastwood, noted that the tax year-end remained a key trigger for pension engagement and urged savers to build on this momentum by establishing regular contributions early in the new tax year to improve long-term outcomes.

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