After last week's Pensions and Lifetime Savings Association (PLSA) Investment Conference, where industry leaders and government officials shared updates on policy, regulation, and market trends, it was another busy week in the pensions sector.

The Pensions Ombudsman (TPO) shared updates on several cases, including a complaint against the Alliance Automotive Group for failing to pay contributions into a worker's pension despite deducting contributions from his pay.

TPO also upheld a complaint against the DXC and DXC Pension Trustee Limited for the non-financial injustice an employee had suffered, as well as a complaint against the South Wales Fire & Rescue Authority and Rhondda Cynon Taff County Borough Council for maladministration.

Defined benefit (DB) schemes also continued to navigate a shifting landscape.

A survey of PLSA members found that many DB pension schemes are reconsidering their endgame plans in light of improved funding levels and potential changes to how pension surpluses can be used.

Analysis from Barnett Waddingham found that the average time to buyout for FTSE350 DB pension schemes continued to fall to 4.4 years at the end of February 2025.

The DB End Gauge index showed that bond and swap yields remained relatively stable, while funding positions improved due to a reduction in long-term inflation expectations, which helped offset the weak performance of growth assets over the month.

Supporting this, Marshalls, a manufacturer of sustainable solutions for the built environment, reported an improved surplus of £24.1m for its DB pension scheme in 2024, up from £11m in 2023.

In the defined contribution (DC) space, Aon's UK DC pension tracker revealed that DC savings's expected living standard in retirement rose in Q4 of 2024 due to strong benchmark investment returns and an increase in expected return assumptions post-retirement.

Hymans Robertson's DC Provider Report suggested that younger DC pension scheme members, around 30 years from retirement, have benefited from their higher exposure to equity markets over the past year.

Elsewhere, as we approach the 10th anniversary of the pension freedom reforms, estimates from AJ Bell suggested almost seven million pension pots have been accessed for the first time since the introduction of freedom and choice in April 2015, with drawdown now the most popular option amongst those with pots of £30,000 or more.

Research from Standard Life also revealed the impact of the changes, as the majority (84 per cent) of those who have accessed their retirement savings since the introduction of pension freedoms in April 2015 said they have benefited from taking money from their pension.

Among them, 46 per cent expressed that they felt they had "significantly" benefited from withdrawing funds from their pension.

Finally, it was a busy week for buy-ins and wind ups.

The Church of Scotland Pension Trustees completed a £75m multi-scheme buy-in with Just Group, insuring the benefits of 1,500 pensioner and dependant members and 850 deferred members.

Anglo American Services (UK) completed a £785m combined buy-in with Legal & General Assurance Society (L&G) for three of its defined benefit (DB) schemes: The Tarmac UK Pension Scheme, the Tarmac 'B' Pension Scheme and the Anglo UK Pension Scheme.

The buy-ins, completed as part of one combined transaction, secured the benefits of over 5,100 retirees and 2,500 deferred members.

Judges Scientific Plc confirmed that the trustees of the Armfield pension scheme approved the commencement of the scheme's winding up, which is expected to take 12-18 months.

Landscape architecture firm Novell Tullett appointed HS Trustees and Temple Bright to complete the winding-up of its Landscape Scheme.

The pension scheme has been attempting to wind up for over 10 years amid a complex benefit structure.

---