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2020s have been a ‘complete waste’ for pensions policy - Webb

By Callum Conway

18/3/26

The 2020s have been a “complete waste” for pensions policy, LCP partner, Steve Webb, has said, arguing that the failure to build on auto-enrolment (AE) risked leaving future retirees with inadequate incomes for years to come.

Speaking at the Association of Member-Nominated Trustees (AMNT) Spring Conference, Webb said projections for future retirement incomes showed the decline of defined benefit (DB) provision was still outpacing the build-up of defined contribution (DC) savings, meaning overall outcomes were set to weaken before recovering

Pensions to come into scope of IHT as Finance Bill approaches Royal Assent

Unused pension pots will come into scope of inheritance tax (IHT) from April 2027, after the Finance (No. 2) Bill completed the third reading stage of its passage through parliament and is set to receive Royal Assent

'More must be done' to increase voluntary pension savings

There will still be a need for voluntary pension savings, even if the auto-enrolment rate is increased to 10 or 12 per cent, Aviva wealth policy director, Emma Douglas, has warned, arguing that boosting minimum pension contributions alone will not solve the UK’s retirement adequacy challenge

Govt urged to raise contribution levels as DC-only savers head for inadequate retirement

The government should outline a plan to increase minimum auto-enrolment (AE) pension contributions as the majority of defined contribution (DC)-only households are heading for inadequate retirement incomes, according to a report from Royal London and Oxford Economics

The Hille Ergonom Pension Scheme has wound up following a £4m buyout with Aviva, which resulted in a refund from the insurer

Pensions administration no longer a 'back-office function'

Trustees must place greater strategic focus on pension administration, Pensions Administration Standards Association (PASA) board director, Chris Connelly, has argued, warning that it now sits at the centre of member outcomes and scheme resilience

Number of DC schemes falls by 15% in 2025 as assets rise

Master trusts are dominating the defined contribution (DC) pensions landscape as consolidation continues, with the number of UK DC schemes falling by 15 per cent to 790 in 2025, analysis from The Pensions Regulator (TPR) has shown

DWP announces launch of working group to develop trustee investment guidance

The Department for Work and Pensions (DWP) has announced the launch of a working group designed to help the government develop guidance to support pension trustees’ investment decision making

More than half of Gen X heading for ‘pension shock’

More than half of Generation X are heading for inadequate retirement incomes, with 7.5 million people facing a potential “pension shock” when they retire, the Social Market Foundation (SMF) has warned

Majority of UK adults lack confidence in govt directing pension investments

More than seven in 10 UK adults have little or no confidence in the government to make decisions about how their pensions are invested, according to research from the Association of British Insurers (ABI)

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Highlighted Content

A year of innovation

Before looking ahead to the forthcoming year, People’s Pension proposition director, Kirsty Ross, looks back at some of their biggest and brightest achievements in 2025

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

A shifting risk landscape

Aon’s 2025/26 Global Pension Risk Survey showed that operational, governance and cyber risks have become key considerations for schemes, regardless of size or structure.

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

Latest Podcasts

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

Keeping on track

In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track

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Check out our latest appointments

Appointments update – 18 March 2026

Law Debenture has made several senior pension appointments

Appointments update – 16 March 2026

Pension Insurance Corporation (PIC) has appointed Michael Eakins as chief executive officer (CEO), subject to regulatory approval

Appointments update – 12 March 2026

Marsh has appointed Phil Parkinson as Mercer UK CEO, subject to regulatory approval

Appointments update – 9 March 2026

Canada Life has announced the appointment of Kris Black as head of annuities and Alice Watson as head of home finance within its retirement business

Appointments update – 2 March 2026

Railpen has appointed Helen Whelan as chief risk officer and Sian Myers as chief people officer

Check out our latest features

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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Check out our latest jobs

Non-Executive Board Member

Posted by LPFA

We are now recruiting for a Non-Executive Board Member with strong audit, risk and assurance expertise.

Qualifications and experience

• Significant experience in audit, risk, finance, regulation or assurance gained in a complex or regulated environment
• Strong understanding of governance frameworks, risk management and internal control systems
• It is the expectation that the successful candidate will sit as a full member of the Audit and Risk Committee (ARC)
• Previous non-executive, trustee, board or committee experience is highly desirable
• Pensions, LGPS or public sector governance is advantageous but not essential

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Head of Pensions

Posted by

84,421 to £93,565 plus benefits and relocation support

Stevenage / Hybrid

Full time

The Hertfordshire Pension Fund is part of the Local Government Pension Scheme (LGPS) and administered by Hertfordshire County Council. With 123,922 members, 529 employers, and £6.25 billion in assets, we are a cornerstone of financial security for thousands of public sector employees across the county. Joining us means playing a vital role in delivering excellence, innovation, and integrity in public service.

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Pensions UK Chair

Posted by Pensions UK

Pensions UK is the voice of pensions in the UK, trusted and heard by the government and the pensions industry.

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In-House Pensions Manager, Governance

Posted by Sammons Pensions Recruitment

Superb compensation package

London Office Based

We’re looking for a Pensions Risk & Governance Senior Manager to lead risk oversight and governance for one of the UK’s largest occupational pension schemes. This is a high-impact role offering hybrid working from Glasgow (3 days in-office per week) and the chance to drive governance at the highest level.

To discuss this role in confidence please call Sarah Bergin-McCarthy on 020 7293 7022 or email sbm@sammons.co.uk. please quote reference 119233.

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Pensions System Developer

Posted by Abenefit2u

Salary depended on experience

Either 100% remote or hybrid working in London or South East

Permanent

Are you an experienced SQL Developer with pensions or payroll systems knowledge? Do you thrive on working with complex data in a regulated environment where accuracy, compliance and quality truly matter?

This ambitious and expanding business is strengthening its already well-established development function and is seeking a talented SQL Developer with pensions experience to join its growing team. With recent new business wins driving expansion, this is an exciting opportunity to step into a key role offering real influence, autonomy and the chance to shape systems that directly support pensions operations and client delivery.

For a confidential discussion please telephone Tasha Davidson on 0208 274 2842 / 07958 958626 or email tasha@abenefit2u.com

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