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Pension Funds Insider brings the latest pensions news and industry insights; from investment and governance updates to new mandate appointments and pensions regulatory information.

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Latest news

Beating the National Insurance Hike – why more employers are turning to salary sacrifice

Tuesday, April 15, 2025

With recent changes pushing the employer NI rate from 13.8% to 15% and the threshold for payments dropping from £9,100 to £5,000, costs are stacking up fast.

Big isn’t always better: why consolidation isn’t the cure-all for pensions administration

Wednesday, April 2, 2025

If there was a phrase to sum up a key undercurrent at this year’s PASA conference, it was this: big is best.

TPR continues its fight against fraudsters

Tuesday, March 25, 2025

The Pensions Regulator (“TPR”) has again set its sights on pension scammers and there’s good reason for doing so. The latest figures from Action Fraud show that a total of £17.7 million was reported lost to pension-related fraud in 2023.

The Future of LGPS

Wednesday, March 19, 2025

Last month saw the closure of the “Local Government Pension Scheme (LGPS): Fit for the future” consultation which set out the UK Government’s ambitious plans to overhaul the investment governance arrangements of LGPS.

Heads we win, tails you lose

Wednesday, March 12, 2025

You know how it is when you think you’ve seen everything and then you get a WTF moment. The last few weeks seem to have been full of those moments that make you think the world has gone mad, but it was a home-grown version that made me spit out my tea.

Dawn of the Dashboard

Thursday, March 6, 2025

After many years of discussions, delays and disappointments, individuals who are not currently in receipt of their pension benefits will be able to connect to a Pension Dashboards over the next 18 months (depending on the size of their Scheme).

Pension dashboards – what to do right now

Wednesday, February 26, 2025

If you're set to connect to the pension dashboards in the next few months, you’re likely knee-deep in planning, decision-making, and liaising with your administrator.

DEIs Irae! US companies are abandoning their diversity and climate pledges. What does that mean for UK pensions?

Monday, February 17, 2025

It will be no surprise to most readers that there has been a transformation in US boardroom culture in the past 15 years.

How inheritance tax changes could be the next pensions admin nightmare

Thursday, February 6, 2025

Ah, inheritance tax (IHT) – that delightful topic that combines the solemnity of death with the bureaucracy of taxation.

The DC decumulation conundrum

Tuesday, January 28, 2025

The King’s Speech on 17 July 2024 set out the Government’s legislative agenda including a new Pension Schemes Bill (“the Bill”).

Survival of the fittest – not just for boobies!

Friday, January 24, 2025

Margaret Snowdon updates her regular blog from further afield than usual, proving that travel always helps us see things from a different perspective.

Why not ask your investment adviser how a small allocation to bitcoin could impact your objectives?

Wednesday, January 15, 2025

Sam Roberts of Cartwright discusses the scepticism surrounding bitcoin and whether crypto should be considered a suitable vehicle for pension investment.

Record-setting activity in the BPA market: 2024’s large deals

Friday, January 3, 2025

The bulk purchase annuity (BPA) market is bustling with activity across schemes of all sizes.

Buy-out journey planning

Wednesday, December 18, 2024

While the infamous September 2022 mini budget may seem like a distant memory, the UK pension risk transfer market is booming.

“If the law supposes that,” said Mr. Bumble… “the law is an ass – an idiot”

Wednesday, December 11, 2024

In her latest blog post, Margaret Snowdon of the Pension Scams Industry Group, updates on her unwavering fight in support of pension scam victims.

2024 Mansion House speech: what does the past tell us about the future?

Wednesday, December 4, 2024

Sam Roberts of Cartwright Consulting puts forward his view on Rachel Reeves’ recent Mansion House speech.

Caught in a trap

Tuesday, December 3, 2024

After so many years of deficits, surpluses have become a reality again.

Risk transfer market - Reflection on a record-breaking year

Wednesday, November 27, 2024

As we reach the festive period I feel compelled to reflect on how the bulk annuity market has evolved this year, and I can't help but consider what trends and developments we might see in 2025.

Navigating the General Code: A practical guide to ESOG and ORA

Wednesday, November 20, 2024

In March 2024 new, stringent, requirements came into force from The Pension Regulator's (TPR) General Code which upped the ante for pension schemes and trustee boards.

The Chancellor’s Gambit – Autumn Budget 2024

Tuesday, November 12, 2024

The recent Autumn Budget has made history, with it not only being the first Budget announcement made by a Labour led Government in over 14 years, but also the first ever Budget to be announced by a female Chancellor.

We’re not there yet, but getting closer?

Wednesday, October 23, 2024

I am writing this blog on the eve of a key meeting with HMRC officials to discuss what can be done about the plight of victims of pension liberation scams from the early 2000s.

Dead money? Dashboard costs – is there an alternative?

Wednesday, October 16, 2024

We are already well into October and Christmas is around the corner…. are your fingers in your ears yet?!

Are we nearly there yet?

Monday, September 30, 2024

Are we nearly there yet?

Illiquid assets solutions for schemes approaching the bulk annuity market

Friday, September 27, 2024

Many defined benefit (DB) pension schemes hold illiquid assets. In years gone by, this may have prevented a full scheme bulk annuity transaction proceeding, but over recent times, solutions have been developed which enable many schemes with illiquid assets to secure a bulk annuity.

Love is a losing game: Are pension schemes unfairly charging members for divorce?

Wednesday, September 18, 2024

On Tuesday, 2 January 2024, the Pensions and Lifetime Savings Association (PLSA) updated its guidance, advising schemes on what they can charge members when divorce proceedings involve splitting pensions.

An update on pension scams

Thursday, September 12, 2024

Margaret Snowdon, Chair of the Pension Scams Industry Group (PSIG), comments on some of the latest developments in the fraud landscape triggered by the recent change of government.

The Rising Economic Costs of a World Rife with Geopolitical Risk

Friday, September 6, 2024

As readers may have noticed, we are no longer in a business-as-usual environment. As the US ratings agency S&P Global recently warned, “a world ordered for generations by globalisation and geo-economics” has quickly become a world rife with “geopolitical risk.”

New entrants = more competition and opportunities, let's welcome them in!

Wednesday, August 28, 2024

So far this year alone we have seen three insurers announce their intention to enter the BPA market, with more to come, and we are already seeing the benefits.

Have you checked the “true colours” behind your rules?

Wednesday, August 21, 2024

In June, the rainbow flag symbolising LGBTQIA+ pride can be seen blowing in the summer breeze. The rainbow flag represents the diversity of the LGBTQIA+ community and the spectrum of human sexuality and gender.

Act Now to Help Protect Pension Savers: PSIG Consultation Closing Soon

Monday, July 29, 2024

Rob O'Sullivan of the Pension Scams Industry Group requests industry feedback as part of the PSIG Consultation

Smooth Starmer or Hard Labour?

Tuesday, July 23, 2024

Yona Chesner, Head of Investment - North at Cartwright, comments on the impact the new government could have on the financial markets.

The Psychology of Adviser Replacement

Monday, July 22, 2024

ZEDRA’s Director of Trustee Executive Services, Manjinder Basi and Better Decisions Founder, Paul Richards share their combined insights on the psychology of replacing pension scheme advisers.

The ticking time bomb of DB pension scheme administration

Tuesday, July 16, 2024

We believe investing in and promoting how critical DB pension scheme administration is, and will become more so over the next decade, is critical.

Pension scheme liability hedges – Risks and how to manage them

Friday, July 5, 2024

George Scurr, Senior Investment Analyst at Quantum Advisory, discusses the broader risks of liability hedging strategies; highlighting the key areas to be aware of and how to manage hedging risks.

The election and your pension scheme: what administrators should prepare for

Monday, June 24, 2024

As the election approaches, pensions administrators are increasingly concerned about the potential changes a new government might introduce, particularly in relation to the pension tax regime.

Enough is Enough

Friday, June 21, 2024

The forthcoming election has meant lots of expected government activities have fallen away. But sadly, not all.

Could policy towards Bitcoin win Trump the election and bring Bitcoin further into the mainstream?

Friday, June 14, 2024

The US election certainly provides more entertainment than the UK version. With Trump’s time in court shortly followed by Joe Biden’s son - there is no end to the drama. So far, from what I can gather, we’ve seen some minor squabbles about tax (newsflash, they’ll both be taxing more in $ terms), oh, and there seems to be a contest for who’s got the biggest side parting.

It could never happen here… or could it? What can UK pension trustees learn from cyber disruption on the other side of the world?

Friday, June 7, 2024

“This should not have happened”, says the statement on Australian pension fund UniSuper’s website, referring to a technical error that led to widespread disruption.

Bulk annuities: Is there a small scheme squeeze?

Friday, May 31, 2024

As has been well publicised, the bulk purchase annuity (BPA) market in the UK completed a record number and volume of transactions in 2023. Many in the industry are projecting that annual transaction volumes of around £50bn or more could be the new normal over the next few years.

Exploring the Potential of Long-Term Asset Funds (LTAFs)

Tuesday, May 28, 2024

For many of us, our Defined Contribution (DC) pots will be the main source of income when we retire. The amount of income that we receive in retirement depends heavily on the investment returns achieved throughout our lifetime.

PSIG launches consultation to determine its future

Wednesday, May 22, 2024

It feels likes Spring has finally sprung – the sun is shining, and vibrant green is spreading everywhere. I have so much faith, I have even put out the cushions on the garden furniture! In a mood of revival, PSIG has just issued a consultation aimed at defining our shape for the future.

Understanding and meeting modern saver expectations

Wednesday, May 15, 2024

Last week, I had the privilege of chairing a panel at the annual Pensions Administration Standards Association (PASA) conference, focusing on a critical question for our industry: "How well do we understand the needs and expectations savers have of their pensions administration provider?" This discussion is crucial as it explores how we can better align our services with the expectations of members.

How Central Banks Distort the Price of Money in Today’s Economy

Thursday, May 2, 2024

Before central banks took on a much more interventionist role in the economy, interest rates were generally left to their own devices. They rose and fell depending on the volume of savings, or capital, available at any given time. In this way, they played a vital role in telegraphing the price of money; in fact, interest rates are often described by Austrian economists as the price of money.

Escrow – The ‘Win-Win’ Solution for Buy-out?

Friday, April 26, 2024

The number one hot topic in pensions for the last 12 months? Risk transfer. Buy-in. Bulk purchase annuity.

Putting members at the heart of a bulk annuity transaction

Thursday, April 18, 2024

As a trustee, when selecting an insurer for a buy-in where you intend to move to buyout, you are effectively selecting a provider to whom you will be handing over the responsibility of looking after your scheme’s members for the rest of those members’ lives (as well as their spouses, children and financial dependants, depending on the scheme rules). This responsibility could last for 50 years or more.

Target Date Funds – a DC default solution?

Thursday, April 11, 2024

Target Date Funds, or TDFs, are a ‘one size fits all’ approach to defined contribution (DC) investing. They allow investors to select a fund closest to their expected retirement date, comfortable in the idea that the composition of the fund is managed over its lifecycle by a professional team and tailored to the investors’ time horizon and risk/return requirements.

Hello surplus my old friend? We’ve come to talk about you again…

Friday, April 5, 2024

Nearly a year after speaking at the LawDeb debate on the topic of whether DB surpluses should be returned to employers, the issue of surplus is attracting more attention than it has done since the 1980s.

Another month, another injustice

Friday, April 5, 2024

Why are our governments so unwilling to recognise a wrong and do something about it to ease the suffering of ordinary people? Why is justice so often delayed? What do they gain? If a private company gets it wrong, it is expected to fix it, but government departments seem to feel they are above such things.

Why Time is so Important for Our Economic Health

Friday, March 22, 2024

This article explains how the nature of money in an economy dramatically affects the time preference of both individuals and companies, which has huge implications for that country’s economic performance and health.

New entrants mean new opportunities

Thursday, March 21, 2024

With an ever-changing landscape in the bulk annuity market, staying abreast of new opportunities is crucial. One such opportunity that has garnered attention in recent times is the emergence of new players in the bulk annuity market.

The prospects and challenges of AI in pensions administration

Thursday, March 14, 2024

Artificial Intelligence (AI) is rapidly becoming a focal point of interest among trustees, who are increasingly keen to understand its impact on pensions administration, its practical applications, and how they can leverage it to optimise service.

A Reflection on Team Building

Monday, March 11, 2024

Throughout my career I have built teams, sometimes starting with a completely new team and in other cases building on a long-established group. I have learnt a lot of lessons about what makes a team succeed, and for me it comes down to trust, diversity and feedback.

Last one out turns off the light - The responsibility of being the last trustee

Thursday, February 29, 2024

Were you ever the last person to leave a shared rental house? One of those big houses, which has seen occupants come and go, enjoyed good, bad and some definitely ugly times and had a rather, ahem, varied history in terms of maintenance and general housekeeping.

Governments and central banks are destroying the value of your money

Thursday, February 22, 2024

It is time we look at how the value of money is being destroyed, why it is happening, and what you can do about it.

I’ll tell you what we want, what we really, really want!

Friday, February 16, 2024

The last few weeks have been interesting on the scams front. The release of the ITV drama, Mr Bates vs The Post Office, based on a true story of injustice, raised public anger at the callous treatment of sub-postmasters by those in charge.

All in favour say “aye” – How might board diversity change our decision-making process?

Thursday, February 8, 2024

The Pensions Regulator has made its position clear - diverse and inclusive boards make better decisions.

UK Pension Trustees: is switching advisers the right thing to do?

Thursday, February 1, 2024

Key advisers such as lawyers, actuaries and investment consultants play an important role in trustee decision-making. Given the complexity of pension funds and the need for trust in the relationship, adviser appointments are generally long-term affairs.

Change is afoot in the bulk annuity market

Friday, January 26, 2024

Following M&G’s (re)entry into the market in September 2023, announcing a £330m deal for their own scheme, the M&G pension scheme, commentators are predicting that there will be further new entrants into the market in 2024, and possibly some consolidation of existing insurers too.

How can trustees of DC pension schemes increase member engagement?

Thursday, January 18, 2024

We get it. On the surface, pensions can seem confusing and easier to think about at some other time instead. This often ends up being when it’s almost time to retire!

Stewardship priorities

Wednesday, December 13, 2023

In June 2022, the Department for Work and Pensions (“DWP”) published guidance for Trustees of Occupational Pension Schemes, concerning stewardship policies, and specifically priorities.

A 21st Century solution for a 21st Century problem

Friday, December 8, 2023

Last week I spoke twice in Parliament about the unfair tax treatment of investment fraud victims. I also spoke to various media outlets on the same topic. It is good to see increasing interest in this injustice – a clear case of authorities being both deaf and blind to citizens’ hardship and stress.

Five takeaways from the DWP’s review of TPR

Thursday, November 30, 2023

Nigel Cayless of Sackers provides an overview of the key points from the Department for Work and Pensions review of the The Pensions Regulator.

Is this the dawn of a new era in pension scheme de-risking?

Thursday, November 23, 2023

The last few months have seen non-insurance de-risking transactions get over the line. In August the second capital backed journey transaction was completed on a sub £100m DB scheme, followed by the recent announcement that Clara had completed a £590m transaction with the Sears Retail Pension Scheme securing the benefits of c. 9,600 members.

The AI Revolution: How it could potentially transform the UK Defined Benefit Pensions landscape

Thursday, November 16, 2023

Artificial intelligence (AI) could be on the cusp of transforming the defined benefit (DB) pension sector in the UK; an area traditionally somewhat slow in embracing technological advancements.

Can technology and people combine for superior pension fund outcomes?

Thursday, November 9, 2023

Jaco Wasserfall of PensionSmith discusses the notion that both a blend of the human-touch and technology, can only be beneficial for pension savers.

In the Wake of a Crisis - 12 months later

Monday, October 30, 2023

One year on, George Scurr of Quantum Advisory evaluates the impact of the gilt crisis on pension portfolios.

Predators Stalking our Pensions

Friday, October 20, 2023

Margaret Snowdon argues that fraud prevention creates a net benefit for everyone, not just potential victims.

How can non-experts challenge the experts?

Friday, October 20, 2023

As a trustee it’s your duty to take advice. It's also your duty to scrutinise and, where appropriate, to challenge that advice.

But some pensions advice is incredibly technical and complex.

Has Automatic Enrolment Succeeded?

Tuesday, October 10, 2023

This month marks the 11^th anniversary of Automatic Enrolment (AE), first introduced in the UK in October 2012, following the Pensions Act of 2008.

But has it worked?

Post buy-in for bulk annuities

Thursday, October 5, 2023

Unless you’ve been in hiding, it won’t have escaped you that the demand for bulk annuities has skyrocketed over the past year, primarily due to the increase in gilt yields and an increased willingness for sponsors to fund DB scheme deficits.

What would pensions and investments look like with sound money?

Friday, September 29, 2023

Sam Roberts of Cartwright muses about how the pension system could work under a different monetary system.

Enhancing Pension Fund Communication: Fostering Trust and Overcoming Challenges

Thursday, September 14, 2023

When it comes to retirement planning, effective communications between pension providers and their members are key to building trust, bolstering financial literacy, and ensuring a secure financial future.

Beware the duck sized horses

Wednesday, September 13, 2023

Would you prefer to fight one horse sized duck or a hundred duck sized horses? What about thousands of duck sized horses? If your pension scheme has the power to make a discretionary transfer, then you should think about this question when designing your due diligence procedures.

Seven key lessons for schemes thinking that transacting with an insurer is the solution

Tuesday, September 5, 2023

ZEDRA Governance Client Director Alan Greenlees considers the crucial factors trustees should consider when contemplating buy-out for their schemes.

Shifting the paradigm – support the victims and pursue the scammers?

Thursday, August 31, 2023

Margaret Snowdon, Chair of PSIG, argues that putting the focus on perpetrators rather than victims is an essential step in the fight against pension scamming.