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TPR reveals 31% drop in total DB schemes since 2012

By Sophie Smith

16/12/25/

The defined benefit (DB) and hybrid landscape has continued to shrink at an average yearly rate of 3 per cent, The Pensions Regulator (TPR) has revealed.

This continued decline has seen the total number of schemes fall from 7,300 in 2012 to 5,060 schemes today, marking a 31 per cent fall

Quarter of a million more people fall into pre-retirement poverty amid state pension age increases

A quarter of a million more people aged 60 to 64 are now living in relative income poverty compared with 2010, according to a report from the Standard Life Centre for the Future of Retirement

DWP consults on plans to raise trustee and admin standards

The Department for Work and Pensions (DWP) has launched a consultation on plans to improve the standards of pension scheme trusteeship, governance and administration.

The consultation, which closes on 5 March 2026, aims to ensure trustees have the standards and skills needed to deliver a modern pensions system that works harder for savers and supports UK economic growth

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Mercer commits £350m to private markets LTAF for master trusts

Mercer has announced plans for its UK workplace savings solutions, including its master trusts, to invest in a bespoke long-term asset fund (LTAF) focused on private markets, with an initial commitment of £350m

Avon Pension Fund to remain invested in aerospace and defence holdings

The Avon Pension Fund Committee has voted to remain invested in aerospace and defence holdings, despite its recent survey revealing mixed views on whether the £6bn Local Government Pension Scheme (LGPS) fund should continue investing in this field

People’s Pension tightens stewardship with move to bespoke mandates

A shift away from pooled funds towards segregated, bespoke mandates has strengthened stewardship oversight across People’s Pension's £31.3bn portfolio, according to its first Responsible Investment (RI) report

Aviva launches flexible solution for DB surplus transfers to DC schemes

Aviva has launched a solution within its master trust designed to enable defined benefit (DB) pension scheme trustees and employers to transfer surplus funds into defined contribution (DC) arrangements

Members experience 'significant boost' in retirement readiness thanks to guided retirement tools

Around one in five members have begun their guided retirement planner journey in the 12 months since its launch, with many experiencing a significant boost to their retirement readiness as a result, an update from Legal & General has revealed

Triple lock removal could put 10 million more at risk of under-saving for retirement

Changing the state pension system could raise the number of people not saving enough for retirement from nearly 15 million under the triple lock to over 25 million if the state pension was linked only to the consumer price index (CPI), according to LCP partner, Steve Webb

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Highlighted Content

What questions will define 2026?

Investments and markets leaders at BNY tackle six essential questions for the year ahead.

Empowering boards to drive strategic projects with confidence

Aon strategic programme consultant, Dana Wiesner, and Aon associate partner, Michelle Burgess, explore how trustees can leverage strategic programme management to navigate today’s complex pensions environment.

Going private: The asset class gathering pace

As the Mansion House Compact and Accord take hold, UK pension schemes are stepping up allocations to private markets. Sandra Haurant reports

De-risking Guide 2025: Choosing the right path

The highlights, milestones and movements that defined the 2025 BPA space

Private credit: Opening up new opportunities

Our panel of experts discusses the role of private credit in today’s pensions landscape and explores emerging opportunities in alternative credit to meet market demands

A time of opportunity?

Our panel of experts explores the potential implications of the Pensions Investment Review on the future of the de-risking space and wider pensions environment

Latest Podcasts

Podcast: From pension pot to flexible income for life

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

The role of CDC

In the latest Pensions Age podcast, Laura Blows speaks to TPT Retirement Solutions Chief Client Strategy Officer, Andy O’Regan, about the role of collective DC (CDC) within the UK pensions space

Keeping on track

In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track

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Check out our latest appointments

Appointments update – 15 December 2025

The Investing and Saving Alliance (TISA) has appointed Mark Westwell as chair

Appointments update – 10 December 2025

The Financial Conduct Authority (FCA) has reappointed Sophie Hutcherson as non-executive director of its board

Appointments update - 5 December 2025

Pension Insurance Corporation (PIC) has appointed Dom Veney as interim chief executive officer

Appointments update – 3 December 2025

Myfanwy Barrett and Robert Branagh have been reappointed as non-executive directors for The Pensions Ombudsman (TPO)

Appointments update – 2 December 2025

Independent Governance Group (IGG) has promoted 19 colleagues, including three trustee directors, effective 1 December

Check out our latest features

Swipe right for retirement: Can pension apps match modern expectations?

As consumer technology races ahead, pensions are still struggling to deliver digital experiences that feel intuitive, responsive and engaging. Callum Conway explores whether pension apps are finally closing the gap

Sizing up the social mobility challenge

Paige Perrin investigates why social mobility in the UK pensions industry remains limited, and how apprenticeships, DEI initiatives, and smarter recruitment could finally open the doors to a more diverse workforce, in the latest for Pensions Age’s special focus on DEI

Disclosures without the drama

As policymakers grapple with the future of pension sustainability reporting, UK Sustainable Investment and Finance Association (UKSIF) chief executive, James Alexander, sits down with Sophie Smith to call for smarter, more coherent disclosure rules that drive real-world outcomes, rather than red tape barriers

Going private: The asset class gathering pace

As the Mansion House Compact and Accord take hold, UK pension schemes are stepping up allocations to private markets. Sandra Haurant reports

Is this the real life? Is this just fantasy?

The challenge for the pensions industry to spot AI-generated ‘deepfakes’, and the role they may play in identity fraud

The sum of many small parts

As the number of self-employed continues to rise, what changes are required to better assist them in their retirement saving?

Coming of age

With the professional trustee market reportedly entering a new stage of maturity, Laura Blows

explores whether the sector is experiencing any growing pains

The future of covenant assessment

Employer Covenant Practitioners Association chair, Luke Hartley, explores the continued importance of the employer covenant throughout this period of great change

Putting the ‘me’ in member

Universities Superannuation Scheme (USS) pensions operations and services executive,

Stephen Worthington, explains how the UK’s largest private pension scheme has made member experience central to its operations

Cheap and cheerful?

The debate between cost and value has continued to persist, as whilst increased scale has allowed providers to negotiate better fees, not all are convinced that this is delivering the best value for savers

Closing the disability pensions gap

Many people with disabilities are unable to accumulate significant occupational or private pension savings, in part because of the difficulties to find work and the struggles they may face within the workplace. David Adams looks at what the pensions industry, employers and policymakers might do to help ensure more disabled people can enjoy a better income in retirement

Multi-employer CDC in practice – from drawing board to delivery

After years of planning, the first multi-employer CDC pension schemes could be launched as early as 2027, with regulators set to publish rules this autumn

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Pensions Advisor – Head Office

Posted by

39,468 pa rising to £48,702 after three years' service

Head Office, Salford Quays, M50 3XZ

The principal duties are: under the general direction of the Pensions Officer to provide a frontline pensions guidance service to members of the Union; provide a support service to the
Pensions Officer including developing policies on pensions; advise members, reps and
Union Officials on matters related to Company and State pension provision. To raise awareness and generate activity relating to pensions issues.

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Senior Systems Developer

Posted by Sammons Pensions Recruitment

Excellent

Hybrid/London or Work from home

Fantastic opportunity to join a large in-house team as a Senior Systems Developer. The role is working 100% from home.

To discuss this role in confidence please call Jo Whittington on 020 7293 7022 or email jowhittington@sammons.co.uk. please quote reference 100286.

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Senior Pensions Administrator

Posted by Abenefit2u

Depending on experience

Hybrid / London twice per week

Permanent

We're looking for a Senior Pensions Administrator to bring expertise, energy, and leadership to a dynamic team. You’ll take ownership of complex cases, support and mentor junior colleagues, and help ensure clients and scheme members receive exceptional service—all while working in a flexible and inclusive environment that values your contributions. Hybrid working with twice per week in London and three days homeworking.

For a confidential discussion please telephone Tasha Davidson on 0208 274 2842 / 07958 958626 or email tasha@abenefit2u.com

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Pensions Manager, In House

Posted by Sammons Pensions Recruitment

Excellent + competitive benefits & bonus

Hybrid/c.4 days a week office South East or West Midlands

Fantastic opportunity to take your career forward leading this in-house Pensions function.

To discuss this role in confidence please call Sarah Bergin-McCarthy on 020 7293 7022 or email sbm@sammons.co.uk. please quote reference 80721.

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Pension Analyst

Posted by Abenefit2u

Up to c£45,000pa plus excellent benefits including generous pension

London at least twice per week

Permanent

Are you an experienced Pensions Analyst looking for a new challenge? Our client is seeking a new Pensions Business Analyst for their London office. You will be working with pension specialists and system development specialists to identify and specify the most appropriate solutions to requirements for changes and improvements.

For a confidential discussion please telephone Tasha Davidson on 0208 274 2842 / 07958 958626 or email tasha@abenefit2u.com

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