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Capita Royal Mail pension contract terminated after ‘failure to deliver’ milestones


By Callum Conway

The government has terminated the contract for the Royal Mail Statutory Pension Scheme with Capita after the outsourcing firm “failed to deliver numerous milestones”, Cabinet Office minister, Nick Thomas-Symonds, has confirmed.

Speaking in the House of Commons, Thomas-Symonds said the decision followed repeated concerns over delays and a lack of confidence in Capita’s ability to deliver the new operating model


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Regulators acknowledge VFM concerns; further consultation expected

Industry experts from the Department for Work and Pensions (DWP), the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have acknowledged concerns raised in response to the Value for Money (VFM) consultation, with a further consultation expected to address these issues

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TPR urges schemes to prioritise value data and user testing as dashboards deadline nears

The Pensions Regulator (TPR) has advised pension schemes to concentrate on value data and learn lessons from user testing, with the connection deadline for pensions dashboards less than six months away

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PMI opens public applications for new trustee programme

The Pensions Management Institute (PMI) has announced that it has opened public applications for its Trustee Accelerator Programme (TAP), aimed at improving standards across the industry

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News in brief - 24 April 2026

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

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TPR urges actuaries to focus on retirement outcomes as pensions system evolves

The Pensions Regulator (TPR) has called on actuaries to play a more central role in delivering better retirement outcomes, as the UK pensions system shifts away from a focus on accumulation towards sustainable income in later life

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Advice market ‘stable but evolving’ as consolidation and technology reshape sector - FCA

The UK financial advice market remains “stable but evolving”, with adviser numbers holding steady despite consolidation and rapid structural change, according to new research from the Financial Conduct Authority (FCA)

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HMRC repays £44m in pension tax; clarifies minimum pension age changes

HM Revenue & Customs (HMRC) repaid more than £44m to pension savers in the first quarter of 2026, as its latest update also provided further detail on how the increase to the normal minimum pension age (NMPA) will operate in practice
PASA warns of ‘once-in-a-generation’ operational challenge from default retirement reforms

The Pensions Administration Standards Association (PASA) has warned that upcoming default retirement reforms could present a “once-in-a-generation” operational challenge for pension scheme administrators, as it published new guidance on the implications of the changes
DB schemes hit £210bn surplus as funding strength reshapes endgame choices

UK defined benefit (DB) funding levels remained strong through the first quarter of 2026, with an aggregate surplus of £210bn at the end of March 2026 compared to £165bn at the same point last year, according to PwC’s Low Resilience Index
CH Johnson Pension Plan completes £11m buy-in with Just Group

The CH Johnson Pension Plan has completed an £11m full-scheme buy-in with Just Group, securing the benefits of 147 members

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Stahl UK Limited Retirement Benefits Scheme completes £8.4m buy-in with Rothesay

The Stahl UK Limited Retirement Benefits Scheme has completed an £8.4m buy-in with Rothesay
Annuity rates rise to 7.62% in March

Average annuity rates increased to 7.62 per cent in March, boosting potential retirement income, the Standard Life Annuity Rate Tracker has shown


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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

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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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