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Small businesses join calls for Reeves to scrap reported salary sacrifice changes

By Sophie Smith

21/11/25

Calls for the Chancellor, Rachel Reeves, to avoid making changes to salary sacrifice or wider pensions tax relief in the upcoming Budget have continued to grow, with the majority (91 per cent) of pension professionals concerned about potential pension tax changes.

Pensions UK and the Federation of Small Businesses (FSB) have sent a joint letter to Reeves urging her not to introduce changes to salary sacrifice or wider pensions tax relief in the forthcoming Budget

LGPS reforms continue at pace as govt launches latest consultation

The government has launched a consultation on two draft statutory instruments, designed to implement several of the key Local Government Pension Scheme (LGPS) changes included in the Pension Schemes Bill

Master trusts making progress on climate policy advocacy but ‘key gaps remain’

Master trusts are becoming more engaged with climate change policy advocacy but still have significant gaps to close if they are to use their influence effectively in members’ interests, analysis from LCP has suggested

Scoop: Majority of pensions professionals oppose rumoured salary sacrifice NIC changes

The majority (90 per cent) of UK pensions professionals do not support the government’s potential plan to remove or cap the employer and/or employee National Insurance contribution (NIC) exemptions for salary sacrifice pension contributions, according to a survey by Aptia

Global solutions needed as UK pensions industry faces 'critical juncture'

The challenges facing the pensions industry are “significant”, but so too are the opportunities, Pensions Management Institute CEO, Gareth Tancred, has said, arguing that the industry must "adapt decisively" and work with global peers on future solutions

Less than 1% of DB surplus 'refunded' to employers since 2006

Although defined benefit (DB) pension surpluses have recently re-emerged at levels not seen for a generation, less than 1 per cent of this has been returned to employers since 2006, research from Punter Southall has revealed

Reducing emissions and divesting investment does not 'meaningfully mitigate' climate risk

Climate change poses a systemic financial risk that cannot be avoided by portfolio decarbonisation alone, Universities Superannuation Scheme Investment Management (USSIM) has warned, urging governments and asset owners to adopt stronger, sector-wide transition policies

Check out our latest news

This week in pensions: 17-21 November 2025

Pensions Age looks back on the key issues over the past week, including dashboards and data preparation, updates in the bulk purchase annuity (BPA) market, and continued progress on the Pension Schemes Bill

News in brief - 21 November 2025

The latest news in brief and mandates from the past seven days

BBC Pension Scheme agrees £6bn longevity swap with Zurich and MetLife

The BBC Pension Scheme has completed a £6bn longevity swap deal with Zurich Assurance and global reinsurer Metropolitan Life Insurance Company (MetLife) covering around 21,000 members

Push to productive finance continues as British Business Bank shares latest update

The British Business Bank has confirmed Aegon UK, NatWest Cushon and M&G as its partners for the targeted first close of British Growth Partnership Fund I, also announcing plans for the launch of a Venture Link initiative for pension funds

DWP figures show 'shocking' state of under-saving; impact of scrapping triple lock revealed

Millions more people of working age could be expected to face a disappointing retirement if changes are made to the state pension triple lock, according to previously unpublished data from the Department for Work and Pensions (DWP)

DC savers ‘increasingly open’ to illiquids and more active investment choices

More than half (55 per cent) of defined contribution (DC) savers are comfortable allocating part of their savings to illiquid assets such as infrastructure and private markets, according to YouGov research commissioned by AllianceBernstein

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Highlighted Content

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 - 12 November 2025

TPT has appointed an independent trustee board for its run-on defined benefit (DB) superfund

Appointments update – 7 November 2025

Isio has announced the appointment of Gareth Roberts as chief financial officer

Appointments update – 3 November 2025

Barnett Waddingham has announced the appointment of Andrew Simpson as a partner in its actuarial consulting team

Appointments update - 30 October 2025

Pensions for Purpose has announced the appointment of four members to its advisory group

Appointments update - 27 October 2025

Pensions UK has appointed Sarah Sim as executive director of membership and commercial services

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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