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VFM framework 'utterly unworkable' in current form, warns former Pensions Minister


By Callum Conway

The government’s proposed Value For Money (VFM) framework under the forthcoming Pension Schemes Bill is “utterly unworkable” in its current form, former Pensions Minister, Guy Opperman, has argued, urging policymakers to “scrap it and start again”.

Speaking at the Aptia Showcase Event 2026, Opperman said that while much of the Pension Schemes Bill builds constructively on previous policy work, the VFM framework represents a significant flaw


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PMI warns schemes ‘must get data ready’ as dashboards deadline approaches

The Pensions Management Institute (PMI) has urged pension schemes to prioritise data readiness ahead of the dashboards connection deadline, as it published its 2026 Pensions Dashboards Guide

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Emma Douglas appointed as TPR chair

The Department for Work and Pensions has announced the appointment of Emma Douglas as the new chair of The Pensions Regulator (TPR) for a five-year term, effective 1 July

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Schemes urged to close vulnerability gaps ahead of targeted support rollout

Pension schemes must fix any customer vulnerability gaps as part of the Financial Conduct Authority’s (FCA) Consumer Duty before delivering the regulator’s new targeted support, MorganAsh has warned

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Default strategy design driving ‘meaningful gaps’ in DC retirement outcomes

Differences in the structural design of default investment strategies are leading to significant variation in defined contribution (DC) retirement outcomes, analysis from Hymans Robertson has revealed

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Small pot consolidation could ease ‘admin headache’ of IHT pension changes

Pension savers have been encouraged to consolidate scattered defined contribution (DC) pensions to ease the administrative burden for their families when the new inheritance tax (IHT) rules come into effect in April 2027

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Climate risks could hit sovereign debt and private markets

Pension funds must assess the growing impact of climate risk on both sovereign debt and private assets, Ortec Finance has warned, as its 2026 climate scenario update modelled the effect of physical climate risks on government bond holdings for the first time

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'Collateral damage' risk as investment platform consolidation accelerates

Six in 10 (61 per cent) financial advisers said they anticipate investment platform consolidation to accelerate over the next three years, rising to three-quarters (75 per cent) of firms managing more than £500m, Scottish Widows’ Investor Confidence Barometer has revealed
Lords reject amendment to PSB mandation clause but vote to retain key changes

The House of Lords has rejected a proposed amendment aimed at limiting the government’s powers over pension scheme asset allocation, as scrutiny of the Pension Schemes Bill continues
Videndum DB Pension Scheme agrees £43m superfund transfer to Clara Pensions

The trustees of the Videndum defined benefit (DB) Pension Scheme have agreed a deal to transfer the scheme to Clara Pensions, which will see around 500 members and £43m in assets transferred to the Clara Pension Trust
CDC pensions outperform inflation in most scenarios

Collective defined contribution (CDC) pension schemes were resilient to very different market conditions over an 80-year period, except during a period of extreme stagflation, new modelling by LCP has found

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Two in five DC savers plan full tax-free cash withdrawal

Over two-fifths (42 per cent) of 55–70 year olds with a defined contribution (DC) pension said they planned to withdraw, or had already withdrawn, their full 25 per cent tax-free lump sum, according to research from the Standard Life Centre for the Future of Retirement
AI could act as ‘personalised agent’ for pension savers at decumulation

Artificial intelligence (AI) could act as a “personalised agent” for pension savers at retirement, helping individuals navigate complex financial decisions and improve outcomes, according to the founder of a pension infrastructure platform


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Highlighted Content

Financial wellbeing isn’t just a buzzword; it should be a business necessity

Aviva Workplace pensions director, Simon Ellis, explains how financial wellbeing isn’t just a buzzword; it should be a business necessity.

The power of private markets in DC

BlackRock’s report shows how integrating private markets into UK DC default portfolios could enhance long term value and resilience, supported by new modelling and practical implementation via LTAF structures today.

Endgame insights: Putting theory into practice

L&G showcases the latest combined thinking from its Asset Management and Pension Risk Transfer (PRT) businesses.

The role of ILS in pensions today

Francesca Fabrizi sits down with Leadenhall Capital Partners Senior Managing Director, Alistair Jones, to talk about the role of Insurance Linked Securities (ILS) in pension fund investing today

Exploring the key risks

Laura Blows speaks to Aon head of UK retirement policy, Matthew Arends, and Aon investment consultant, Rupert Kotowski, about some of the key risks facing UK DB and DC schemes, as noted in Aon’s latest global pension risk survey

Incorporating private markets into DC funds

Laura Blows discusses the role of private market investment within pension funds with Scottish Widows’ head of investment solutions, Mithesh Varsani

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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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Exploring the key risks
Laura Blows speaks to Aon head of UK retirement policy, Matthew Arends, and Aon investment consultant, Rupert Kotowski, about some of the key risks facing UK DB and DC schemes, as noted in Aon’s latest global pension risk survey

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

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