This week in pensions saw significant pensions dashboards developments, as the first three participants completed their "full end-to-end" connection journey.

The three participants, Heywood, Legal & General, and Pension Fusion, reached the final stage on Tuesday (4 March 2025), marking a "significant" milestone for the programme.

However, research from Heywood revealed that current data inaccuracies mean that nearly one fifth (18.54 per cent) of pension dashboards queries could result in a 'possible match' rather than a confirmed match.

Elsewhere, surplus rule changes are giving defined benefit (DB) schemes' pause for thought' on endgame strategy, according to Brightwell CEO, Morten Nilsson.

Last week, the UK chancellor, Rachel Reeves, announced plans to lift restrictions on how well-funded occupational DB pension schemes can invest their surplus funds, unlocking "billions" of pounds to drive growth and boost pension pots.

Whilst 86 per cent of DB pension schemes are currently running at a surplus, more than a third (36 per cent) of companies with DB pension schemes need advice on how to use that surplus, research from Law Debenture has revealed.

And DB schemes may also be reconsidering their endgame strategies in light of recent market movements, PwC has said, after its Low Reliance Index continued to show a record surplus position, rising to £180bn in February 2025.

This was supported by the Broadstone Sirius Index, which showed DB pension scheme funding levels remained "robust" in February, despite an unpredictable and rapidly developing economic backdrop.

In the defined contribution (DC) sector, the market has continued to "radically reshape" towards fewer, larger pension schemes, data from TPR has suggested, with the number of DC schemes falling below 1,000 for the first time in 2024.

Broader research in the industry also revealed that the gap between the best and worst performing DC workplace pension providers in the accumulation phase was 14.4 per cent in 2024, up from 9.7 per cent in 2023.

In addition to this, research from Now Pensions revealed that more than half (54 per cent) of students would be more engaged with their future pension savings if they knew the funds were invested in environmentally sustainable ways to tackle climate change.

The Trustee Sustainability Working Group (TSWG) also said trustees must prioritise effective climate action despite resource constraints in 2025, emphasising the importance of a plan to manage climate risk and contribute to the solution.

Now focusing on retirement, a nationwide report from Smart Pension suggested that UK workers face an escalating retirement crisis, with almost a third of savers expecting to continue working once they reach retirement age.

Additionally, outdated perceptions of retirement risk are creating a generation of "too little, too late" savers, according to research from M&G.

The research found that nearly three in five of those not retired in the UK (58 per cent) thought the way retirement is written, talked about, or portrayed is uninspiring, while a further 55 per cent said it doesn't reflect the life they want to lead.

Finally, the winners of the 2025 Pensions Age Awards were announced last night at the much-anticipated annual gala dinner on London's Park Lane.

The stunning Great Room at the Grosvenor House Hotel played host to pension professionals and pension funds from across the sector, who came together to celebrate the excellence, innovation and resilience displayed over the past 12 months.

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