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CMS Pension Scheme agrees UK's first 'connected covenant' superfund deal


By Sophie Smith

The trustee of the Church Mission Society (CMS) Pension Scheme has completed a deal with Clara Pensions, marking the first superfund transaction using Clara's 'connected covenant' structure, as well as the first deal involving a not-for-profit sponsor.

Under the "landmark" agreement, 730 members of the scheme and £55m in assets will transfer to Clara’s management


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Default approach could help close retirement savings gap for self-employed

A default approach could help close the retirement savings gap for self-employed people, according to research by Nest Insight

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Govt urged to conduct cross-party review to define adequate income in later life

The government should commit to undertaking a cross-party review to agree on what an adequate income in later life should be, Independent Age has said

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Over half of gig workers unable to afford to save into a pension

More than half (57 per cent) of UK gig economy workers can't afford to save into a pension, research from PensionBee has revealed, prompting 'urgent calls' for a universal pension system

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'Good news' for savers despite slight increase in average transfer times

Simpler pension transfers took an average of 11 days to complete in the 12 months to 31 March 2025, despite this being one of the busiest times for the industry ahead of the tax year end, analysis from Origo has revealed

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Natwest Cushon to invest in natural capital

Natwest Cushon has announced plans to invest in natural capital, with its Sustainable Investment Strategy committing to a 2 per cent allocation to the Aviva Investors Carbon Removal Fund

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Cabinet Office urged to address CSPS service issues ahead of Capita takeover

The Cabinet Office has been urged to fix persistent service issues ahead of Capita’s takeover of the Civil Service Pension Scheme’s (CSPS) administration, after a National Audit Office (NAO) report found it failed to hold MyCSP to account or drive improvements through its contract

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Phoenix Insights rebrands to Standard Life Centre for the Future of Retirement

Phoenix Group’s think tank, Phoenix Insights, has rebranded to Standard Life Centre for the Future of Retirement as part of its ambition to help people achieve long-term financial security
Cross-sector initiative launched to support pension endgame decisions

A new cross-sector initiative has officially launched aimed at providing impartial, expert insight as defined benefit (DB) pension schemes face crucial endgame decisions at an “unprecedented pace”
The McGregor Construction pension scheme completes £7m buy-in with Just Group

The McGregor Construction (Highlands) Limited Pension Plan has completed a £7m buy-in with Just Group, securing the benefits of 66 pensioners and eight deferred members at Pension Protection Fund+ (PPF) levels
Pensions Scheme Bill ‘needs improvement’ to help low earners

The Financial Fairness Trust has called for a range of improvements to the government’s Pensions Scheme Bill, with an aim to help lower earners

Cost of living still impacting pension savings - Royal London

Cost-of-living pressures continue to impact consumers’ approach to pension savings, according to the annual Financial Resilience Report published by Royal London
Industry figures recognised in King's 2025 Birthday Honours List

Brunel Pension Partnership chief responsible investment officer, Faith Margaret Ward, has been recognised in the King’s Birthday Honours List 2025, alongside former Legal & General Investment Management chief executive officer, Michelle Scrimgeour, and other industry figures


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Highlighted Content

The power of digital

Our panel of experts considers how the pensions space can make the most of the exciting developments in technology, while keeping a close eye on the associated risks

Cyber insurance for pension schemes

Cyber risk is a growing concern for the pensions industry. Aon associate partner, David Burwell, explores the challenges trustees face in securing adequate cyber insurance coverage

AI’s future within the pensions industry

Capita Pension Solutions managing director, Chris Clements, reveals Capita’s vision for AI in the pensions sector

Protecting growth in uncertain markets

How protected equities can support member outcomes in volatile markets without abandoning growth

Virgin Media – help is on its way

Matthew Swynnerton considers the implications of the DWP’s recent announcement and the TPT litigation on the Virgin Media case

Adapting with purpose, leading with stability

Capita Pension SAs industry change gathers pace, newly reappointed chair of the trustee board, Mark Condron, looks to a bright future with People’s Pension

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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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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

Being retirement ready
Gavin Lewis, Head of UK and Ireland Institutional at BlackRock, talks to Francesca Fabrizi about the BlackRock 2024 UK Read on Retirement report, 'Ready or not. How are we feeling about retirement?’

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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

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