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TPR warns DC schemes against focusing on ‘pennies’ of charges over investment returns

By Callum Conway

02/10/2026

Defined contribution (DC) schemes must put investment performance and member outcomes ahead of marginal differences in charges as the industry moves towards a more consolidated system of larger schemes and stronger retirement defaults, The Pensions Regulator (TPR) chair, Emma Douglas, has said.

Speaking at the Sackers Pensions Conference, Douglas argued the forthcoming value for money (VFM) framework would be one of the most important tools for improving outcomes, adding that the market had historically focused too heavily on fees because they were easier to measure than future investment performance

London CIV has brought more than £64bn of Local Government Pension Scheme (LGPS) assets under its oversight, representing 99 per cent of assets across its London and Buckinghamshire partner funds

Cognitronics pension scheme secures £1.7m buy-in with Aviva

The Cognitronics Limited Pension and Life Assurance Scheme has secured a £1.7m buy-in with Aviva, covering the benefits of eight deferred members

Private sector DC employee contributions rise to £3.2bn in Q1 2026

Employee contributions to private sector defined contribution (DC) occupational pension schemes reached £3.2bn in the first quarter of 2026, up by around £600m year-on-year, according to the latest Office for National Statistics (ONS) data

34 million adults face retirement disruption from life or financial shocks

More than 34 million UK adults could face a major life event or financial challenge that negatively affects their retirement plans, according to the latest Scottish Widows Retirement Report

ACA renews call for higher AE contributions

The Association of Consulting Actuaries (ACA) has renewed calls for minimum automatic enrolment (AE) contributions to be increased, while urging policymakers to take a longer-term approach to pensions policy

Retirement knowledge gaps remain despite improved member understanding

Many pension savers remain underinformed when planning for retirement, with 52 per cent saying they lack enough information to make decisions and 58 per cent unsure how much they need to save to achieve their desired retirement lifestyle, according to TPT Retirement Solutions (TPT)

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Highlighted Content

VAT recovery and pension schemes: A problem for employers, trustees or HMRC?

Matthew Swynnerton discusses the confusion surrounding HMRC’s shifting guidance towards pension schemes recovering VAT costs

Reforms focus: A changing landscape

Smart UK chief executive, Jamie Fiveash, shares more about Smart Pension surpassing £10 billion in assets under management (AUM) and how this is much more than just a number

Expanding ESG transparency in private markets

Pensions Age speaks to Sustainalytics ESG research analyst, Melissa Bird, about why extending ESG frameworks into private markets matters more as investor allocations continue to increase.

The future of pension transfers: Pace balanced with protection

Pension transfers are getting faster, and that’s good news for savers.

Tech for a new world

From dashboards and targeted support, to transfers and tracing, our panel considers the technological challenges and opportunities that will define the future of pensions

Supporting retirement decisions

Laura Blows discusses retirement saving levels in the UK, and the support required for members, trustees and employers, with Wealth at Work director, Jonathan Watts-Lay

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Latest Podcasts

Pension risk transfer partnership

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

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Check out our latest appointments

Appointments update – 1 October 2026

Aviva has appointed Mark Thompson as chair of the UK Life and Pensions (UKLAP) Independent Governance Committee (IGC)

Appointments update – 30 September 2026

Independent Governance Group (IGG) has appointed Mike Ethelston as chief executive officer (CEO), effective 2 November 2026

Appointments update – 24 September 2026

Howden Employee Benefits has appointed Jeff Fox as executive director, platform and engagement solutions

Appointments update – 23 September 2026

Pensions UK has appointed four non-executive directors (NEDs) and has named a new policy board chair

Appointments update – 22 September 2026

Wealth at Work has announced that Mark Duckworth will succeed David Cassidy as CEO, effective 1 December 2026

Check out our latest features

Keeping things moving

Despite pension scam measures making pension transfers more secure, they’ve also slowed the process and created more complications for legitimate transfers. As the government considers changes to cut delays, Paige Perrin explores whether new technology can help providers speed up transfers without compromising security

Blending old and new

Laura Blows explores how Local Government Pension Scheme (LGPS) funds can manage pension fund committee member turnover as a result of local elections

Building returns

As Prime Minister, Andy Burnham, pledges Britain’s biggest social housebuilding programme since the Second World War, Callum Conway examines whether pension capital can help close the country’s affordable housing gap, or whether practical and regulatory barriers still pose a problem

Multi-factor investing: Finding the right approach

Sandra Haurant considers the role multi-factor investing can play in a pension fund portfolio

Modern life

Pensions Age explores how well the UK workplace pensions system is adapting to changing societal and working trends

Fewer hands, greater power

Consolidation is reshaping UK pensions, concentrating power among fewer trustees and driving a shift towards a more professional, large-scale governance culture. But alongside the benefits, it also raises important questions around accountability, diversity, and whether member voices risk getting lost

The case for governance

One year after the launch of the Governance for Growth Investor Campaign (GGIC), its chair, Caroline Escott, speaks to Callum Conway about investor rights, dual-class shares, corporate reporting reform and why weakening governance standards will not revive the UK’s IPO market

Changing course

As schemes face a growing range of provider options and increasing pressure to demonstrate value, trustees are taking a closer look at whether their existing providers remain fit for purpose. Paige Perrin examines what is driving schemes to review and change providers, how they approach the process and whether growing competition is leading to better value and service

Collective action

Recent government and regulatory announcements will enable the creation of new whole-of-life collective defined contribution (CDC) schemes. With regulatory backing for retirement CDC also imminent, David Adams looks at the practical challenges facing schemes and providers seeking to turn the theoretical promise of CDC into reality

Best foot forward

Pensions Age sits down with Paul Black, professional trustee at Pi Partnership, and chair of the Dr. Martens Airwair Group Pension Plan, to discuss the scheme’s buy-in with PIC trustees, along with Matt Richards, PIC’s representative on the transaction, and Nikhil Patel, representative of the scheme’s risk transfer consultant, Howden (Barnett Waddingham)

Predicting the unpredictable

What are the challenges faced by pension schemes when it comes to modelling and valuations? How can members be provided with a clear idea of what they will need in retirement, what their income will be, and how much they need to save now?

A new chapter

Society of Pension Professionals (SPP) president, Calum Cooper, sits down with Paige Perrin to discuss his recent appointment as SPP president, priorities for his tenure and the challenges facing the pensions system

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Check out our latest jobs

Head of Governance and Fire Administration

Posted by

67,168 - £78,227 pa (Pro rata for Part Time Posts)

Hybrid working, Bradford

37 hours per week

We are seeking an exceptional leader to join our senior management team as Head of Governance and Fire Pensions Administration. This is a unique opportunity to lead a high-performing service responsible for delivering pension administration and governance functions to Fire & Rescue Authority clients while ensuring the highest standards of regulatory compliance, customer service and organisational governance.

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Non-Executive Chair of the Armed Forces Pension Board

Posted by

600 per day

London

The Chair of the Armed Forces Pension Board will be responsible for developing public service pension scheme governance and will deal with a wide range of stakeholders including MOD employers, in particular with MOD Pensions Policy and members, Ministers, the Scheme Administrator (Defence Business Service (DBS)) and The Pensions Regulator (tPR). The Chair will be expected to contribute in a way that will benefit scheme members, employers and the taxpayer.

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Non-executive Member of the Armed Forces Pension Board

Posted by

450 per day

London

The new NED Member of the Armed Forces Pension Board will be responsible for bringing their wider Pension experience to bear in support of MOD further developing public service pension scheme governance for the Armed Forces Pension Schemes (AFPS). They will be expected to enhance the Board’s ability to provide robust, independent challenge to the scheme manager and delivery partners. This is essential given the scale, complexity, and sensitivity of current pension activity including remedy delivery, transformation and litigation related risks. The additional NED would have a particular focus on training and education ensuring regulatory compliance in this area.

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Trustee Director Appointments; The Aon MasterTrust

Posted by Aon

Aon is reviewing the Trustee Board of its market-leading Defined Contribution MasterTrust as part of its ongoing governance framework. As the MasterTrust continues to evolve, including Aon's recently announced intention to introduce a whole-life Collective Defined Contribution section, we are reviewing the Board's composition to ensure it continues to provide an appropriate balance of skills, experience, diversity of thought and independent oversight.

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Senior Pensions Manager, In-House

Posted by Sammons Pensions Recruitment

Comprehensive benefits & bonus

Hybrid/3 days City of London per week

A leading global financial services organisation is seeking an experienced Senior Pensions professional to join its in-house Pensions team. Take a strategic role overseeing pension design, governance and employer sponsor responsibilities.

To discuss this role in confidence please call Sarah Bergin-McCarthy on 020 7293 7022 or email sbm@sammons.co.uk. please quote reference 135940.

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Supporting retirement decisions

Laura Blows discusses retirement saving levels in the UK, and the support required for members, trustees and employers, with WEALTH at Work director, Jonathan Watts-Lay

Pension risk transfer partnership

Podcast: From pension pot to flexible income for life