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TPR urges small DC schemes to take 'clear-eyed view' on consolidation


By Callum Conway

The Pensions Regulator (TPR) has urged trustees of smaller defined contribution (DC) schemes to take a “clear-eyed view" of their future, as market consolidation accelerates and regulatory expectations continue to rise.

In a blog, TPR warned that trustees must carefully assess whether they can continue to meet increasing governance and operational demands, or whether members would be better served through consolidation or wind up


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Treasury rejects call to extend payment deadline for IHT on pensions

The Treasury has responded to the House of Lords’ report on bringing unused pensions into the scope of inheritance tax (IHT), accepting some recommendations while dismissing others, including extending the initial payment deadline and introducing a ‘safe harbour’

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PAG expresses frustration at FAS compensation amendment dismissal

The Pensions Action Group (PAG) has expressed its frustration at the dismissal of an amendment to the Pension Schemes Bill (PSB) that would have compensated older members of the Financial Assistance Scheme (FAS)

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Industry backs 'long overdue' FCA ESG ratings regime

The pensions and investment industry has welcomed the Financial Conduct Authority’s (FCA) proposed framework for environmental, social and governance (ESG) ratings providers, while suggesting refinements to ensure the regime is proportionate, internationally aligned, and addresses longstanding market concerns

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Majority of DB schemes considering surplus extraction

More than half (57 per cent) of UK defined benefit (DB) pension schemes are considering surplus extraction during run-on, buyout, or in the years leading up to endgame, according to a report from Legal & General (L&G)

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SMEs step up pension efforts but employee engagement concerns persist

More than half of SMEs are concerned that employees are not fully engaged with their workplace pensions, despite growing efforts by employers to improve outcomes, research from People’s Pension has revealed

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USS partners with Venn to deploy capital across UK housing market

A subsidiary of Universities Superannuation Scheme Limited (USS) has entered a long-term strategic partnership with Venn Partners, acquiring a majority stake in the private credit strategies investment manager

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First ORA deadline ‘exposing gaps’ in pension schemes’ internal controls

The first own risk assessment (ORA) deadline has “exposed gaps” in pension schemes’ internal controls, with trustees urged to use the deadline as an opportunity to strengthen governance rather than treating it as a compliance exercise
Run-on emerges as the dominant endgame target for large DB schemes

Run-on has emerged as the dominant endgame target for large defined benefit (DB) pension schemes, ‘decisively’ beating buyout as the most popular option, research published by Brightwell has shown
Record year for BPA deals masks fall in overall transaction value

The UK bulk purchase annuity (BPA) market recorded another record year for transactions in 2025, although overall deal value fell compared to recent highs, according to Aon’s UK Risk Settlement Market Update
SYPA refines investment strategy with shift to bonds and renewed local focus

South Yorkshire Pensions Authority (SYPA) has published a revised Investment Strategy Statement (ISS), setting out changes to its asset allocation and reaffirming its commitment to local and responsible investment

One in seven parents financially supporting adult children tempering retirement plans

One in seven (15 per cent) parents financially supporting children aged over 18 are planning to delay or have a more modest retirement as a result, research from Standard Life has found
Pension Schemes Bill completes third reading in House of Lords

The Pension Schemes Bill (PSB) has completed the third reading in the House of Lords and is set to return to the House of Commons for amendment consideration on 15 April


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