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PAG criticises govt for rejecting pre-97 indexation amendments to Pensions Bill


By Sophie Smith

The Pensions Action Group (PAG) has expressed its disappointment after the government opposed amendments to the Pensions Schemes Bill, which were intended to address the lack of any pre-April 1997 indexation relating to the Financial Assistance Scheme (FAS) and Pension Protection Fund (PPF).

Speaking during the committee stage of the Pensions Schemes Bill, Pensions Minister, Torsten Bell, said that the new clauses 18 and 19 "would not work" as they would apply to subsets of the PPF population


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TPO finds L&G at fault in fraudulent claim for scheme now with ReAssure

The Pensions Ombudsman (TPO) has upheld a complaint regarding a fraudulent claim, after finding that Legal & General (L&G) had failed to properly identify and consider all potential beneficiaries for a lump-sum death benefit for a scheme that has since transferred to ReAssure

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FTSE100 pension surpluses surpass £55bn as conversation 'shifts away from funding'

FTSE100 pension schemes are in a strong position, with a combined IAS19 surplus of more than £55bn at the end of September, LCP’s latest pension explorer has revealed

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UK and European pension funds laying the groundwork for VC surge

UK and European pension funds are laying the groundwork to become a more significant source of venture capital (VC) funding, according to a report from Venture Connections, European Women in VC and Pensions for Purpose, with Nordic pension funds the most active, despite growing momentum in the UK

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Pensions Commission urged to tackle ‘sacred cows’ in future reviews

The relaunched Pensions Commission must be prepared to confront “sacred cows” such as the triple lock and compulsory savings if it is to deliver meaningful reform, Association of Consulting Actuaries (ACA) chair, Stewart Hastie, has warned

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Private sector DBH insurance assets rise £9bn as overall scheme values fall

Private sector defined benefit (DB) and hybrid (DBH) pension schemes increased their insurance policy assets by £9bn (6 per cent) to £172bn in the six months to 31 March 2025, despite an overall decline in the market value of DBH schemes, according to the latest figures from the Office for National Statistics (ONS)

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LPFA and Railpen ramp up climate action

The London Pensions Fund Authority (LPFA) and Railpen have both reinforced their climate ambitions with the release of new progress reports, outlining actions to accelerate the transition to net zero and strengthen stewardship practices

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DB transfer redress falls to ‘record low’ as rising gilt yields cut payouts

The redress on a book of defined benefit (DB) transfer advice has fallen to a "record low" of around 2.5 per cent of the total transfer value, about half the level recorded in early 2025, according to First Actuarial’s Redress Tracker
DB schemes urged to take ‘purposeful pause’ in endgame planning

Defined benefit (DB) pension schemes should take advantage of the sharp improvement in funding levels and consider the strategic value of a ‘purposeful pause’ in their endgame planning, Hymans Robertson has said
'Full-fat' advice will continue to have important role to play, FCA says

The Financial Conduct Authority (FCA) has stressed that "full-fat advice will continue to have an important role to play" even with the introduction of targeted support, also sharing further details on how targeted support complaints will be dealt with
TPO upholds complaint against employer for unpaid pension contributions

The Pensions Ombudsman (TPO) has upheld a complaint against Pod Design & Build Ltd for failing to pay contributions into a worker’s Nest pension despite deducting them from his pay

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Withdrawing pension lump sum top of the list for pre-Budget regrets

Industry experts have stressed the need to avoid knee-jerk reactions to the speculation often seen ahead of the Budget, after research from Rathbones revealed that withdrawing a lump sum from a pension tops the list of pre-Budget regrets
Majority of Brits think pensions should be taught in schools as knowledge gap persists

Almost three-quarters (76 per cent) of UK adults believe that pensions are not taught or discussed enough in schools or during early adulthood, new research from Wealthify has found


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Rising to the challenge of the new retirement

Simon Ellis, Aviva Workplace Commercial Director, explains how providers’ solutions are evolving in line with the changing needs of pension savers before, at, and during retirement.

VAT changes for defined benefit schemes

New treatment of VAT deduction on the management of pension funds – good news for employers?

Cyber risk

Pensions Age talks to Aon partner, Paul McGlone, and HSBC Pension Bank Trust (UK) trustee chief risk officer, Cheryl Payne, about cyber risk in our latest video interview

The DB pension landscape

Pensions Age speaks to BlackRock managing director and head of its DB relationship management team, Andrew Reid, about the DB pensions landscape

Retirement income defaults: What it means for trustees

Esther Hawley explores what trustees need to consider when offering a default retirement solution for their members

Embracing the digital revolution?

Are industry attitudes towards implementing new technologies changing, and what barriers may be impeding this progress?

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Shifting gears

As the pensions landscape consolidates and evolves, Paige Perrin examines how The Pensions Regulator is adapting its role by shifting toward a more ‘prudential’ style of regulation. But what does this mean for the industry, and how is it reshaping relationships between the regulators, pension schemes, and trustees?

Finally on target?

Callum Conway looks at why the freedom and choice reforms failed to close the pensions advice gap, and how targeted support might offer the solution

Getting to grips with the pension ethnicity gap

Pension engagement among non-white savers is still lagging, posing challenging questions for the industry to answer. As part of Pensions Age’s year-long focus on diversity, equity and inclusion (DEI), Jon Yarker finds out more

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Getting entangled in sustainable investing red tape

UK pension schemes have a unique role to play in driving sustainable impact, but complex rules are slowing momentum

Eyes on the prize

Regulators and policymakers continue to consult on whether DC schemes provide value

for money to members. But is there a risk their good intentions will be overwhelmed by other

political priorities? David Adams reports

Thinking differently

As part of Pensions Age’s year-long special focus on diversity, equity and inclusion (DEI),

Laura Blows explores neurodiversity and the pensions workplace

The best laid plans?

The government has confirmed that it will share a pension reform roadmap, but exactly what should be at the top of this list? Sophie Smith reports

Building a buy-in

Skipton group pensions manager, Andy Cheetham, pulls back the curtain on the pension scheme’s recent journey to a full buy-in

From data to delivery

Pensions Age sits down with Pension Administration Standards Association (PASA) chair, David Fairs, to discuss his newly appointed role and to find out how the association is raising administration standards and tackling data and dashboards challenges head-on

Trump’s tariffs spark a closer look at Europe

Sandra Haurant considers how Trump’s tariffs may have shifted investor attitudes towards the

European equities market

Inherited problems

The government’s plans to include pensions in the scope of inheritance tax has generated concern about how its rules can be feasibly implemented within the pensions industry. Laura Blows finds out more

Turning back time

DB schemes are currently enjoying funding surpluses, but haven’t we been here before? Laura Blows considers the changes and challenges that have occurred since the previous era of DB surplus in the 1980s/1990s, and the lessons to be learnt from that time

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Cyber Risk
In our latest Pensions Age video, Laura Blows discusses cyber risk with Aon partner Paul McGlone, and HSBC Bank Pension Trust (UK) trustee chief risk officer, Cheryl Payne.

A changing DC market
In our latest Pensions Age video interview, Aon DC senior partner and head of DC consulting, Ben Roe, speaks to Laura Blows about the latest changes and challenges within the DC sector

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Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs
Podcast: A look at asset-backed securities
Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

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