As the month winds down, it’s been another busy week in pensions, with plenty of updates from The Pensions Regulator (TPR).

TPR confirmed changes to master trust supervision and has called for early industry engagement as it sets out its 2025 plans.

But while TPR is calling for more involvement, there is a lack of clarity in other areas, with Sackers research suggesting that pension professionals are not clear on what the government’s priorities actually are.

Research from Sackers found that nearly a third (31 per cent) of pension professionals are in the dark about the direction of defined contribution (DC) policy, particularly when it comes to the idea of bringing pensions into the scope of inheritance tax.

Cross-industry support has been seen though, as backing for the UK Stewardship Code has continued to grow, with 297 signatories now on board.

But even as support rises, pension professionals have urged the FRC to keep a strong focus on sustainability, warning that proposed changes to the definition of stewardship could undermine some of the good measures already highlighted in the code.

Another topic of conversation this week was the desire for further information on the government's consideration of issues surrounding the non-indexation of pre-1997 rights, with The Work and Pensions Committee (WPC) writing to the Pension Minister, Torsten Bell on this.

This week also saw a worrying trend revealed by Legal & General (L&G), that retirees who take cash lump sums could see their pension pots run dry nearly a decade earlier than expected.

It’s no surprise that adequacy was a hot topic this week, as research revealed that self-employed, renters, and single parents are furthest off track for “moderate” retirement.

On top of that, two thirds of Millennials are worried they are not saving enough for retirement.

L&G also found “significant” generational differences when it came to retirement goals, with younger the savers feeling much less optimistic about their future.

And it’s not just about how much people are saving - pension fragmentation is another issue making things more complicated.

The Pensions Data Project’s report found that nearly half of Brits have savings across multiple master trusts, highlighting the need for better consolidation to help people manage their retirement funds more effectively.

TPT Investment Management also launched a £720m investment grade bond fund, to provide UK pension schemes with access to a wide range of investment opportunities.

There was also two buy-ins completed this week, for Geoghegan & Company Staff Pension Scheme and Deutz Retirement Benefits Plan, while Mercer announced a deal to acquire Secor Asset Management.

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