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Govt sets out phased VFM framework rollout in pensions roadmap

By Callum Conway

13/7/2026

The government has published a roadmap setting out the timetable for implementing its workplace pension reforms, including a phased rollout of the value for money (VFM) framework from 2028.

From 2028, master trusts, large single-employer schemes, and multi-employer contract-based schemes open to new employers will be required to complete and publish VFM assessments

The Stantec Pension Plan (UK Section) has completed a full-scheme buy-in with Aviva for an undisclosed amount, securing the benefits of the remaining 629 deferred and 51 pensioner members of the scheme

PPF pays £1.2bn in compensation amid delivery progress

The Pension Protection Fund (PPF) paid out £1.2bn in compensation to members in 2025/26, while maintaining high member satisfaction levels, according to its annual report

Nest annual report reveals positive returns and rising scheme membership

Nest achieved positive returns, a growing membership, and rising member contributions in 2025/26, its annual report has revealed

TPO has ‘most productive’ year on record

The Pensions Ombudsman (TPO) resolved more than 10,000 pension complaints in 2025/26, making it the organisation’s ‘most productive’ year on record, its Annual Report and Accounts has shown

FRC issues updated Technical Actuarial Standard and guidance for CDC schemes

The Financial Reporting Council (FRC) has published updated Technical Actuarial Standard (TAS) 310 and accompanying guidance to help ensure fairness across member cohorts in collective defined contribution (CDC) pension schemes

DB schemes urged to improve endgame decision-making frameworks

Trustees and sponsors of defined benefit (DB) pension schemes need clearer decision-making frameworks to navigate the growing range of endgame options, Hymans Robertson has said

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Highlighted Content

Modernising stability in an age of pension freedoms – free annuity guidance for People’s Pension members

CDC in the UK pensions market

Pensions Age editor, Laura Blows, talks to Sophie Dapin, Director, Institutional Solutions EMEA at BlackRock, and host of BlackRock’s Rewiring Retirement podcast, about the growing interest in collective DC in the UK pensions market

Investment governance: Striving for excellence

What are the investment governance challenges for small schemes? Are today’s operating models fit-for-purpose? Where does AI fit into the governance framework? These are just some of the questions our governance panel addresses this month

Rothesay publishes its latest edition of "The journey to buy-out: The evolving endgame"

This year’s edition covers current topics exploring how the BPA market is evolving and driving innovation, as well as how the market is adapting to the needs of schemes of all sizes.

Three steps to smarter risk management for boards

David Burwell explores how boards can identify and manage the top risks facing their pension schemes

Creating value while navigating change

With so much change on the DC/master trust agenda, our panel of experts explores topics including default retirement solutions, private markets, targeted support and more

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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 – 10 July 2026

Pensions Administration Standards Association (PASA) has announced the appointment of Louise Chalkley as the new Standards Committee chair

Appointments update – 9 July 2026

EV has appointed Chet Velani as chief executive officer

Appointments update – 8 July 2026

Cartwright has appointed Trystan Davies as director of clients and market development

Appointments update - 7 July 2026

BESTrustees has announced the appointment of Jay Solanki as a professional trustee

Appointments update – 30 June 2026

Standard Life has appointed Nick Johnson as managing director for direct-to-customer within its Pensions and Savings business

Check out our latest features

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

Economic abuse: Targeting pension savings

Laura Blows explores how pensions can be weaponised in economic abuse, along with the industry’s duties when such abuse is suspected

International Influence

Paige Perrin explores which countries influence the UK pensions system, what lessons can be adopted, and where regulatory and cultural differences limit direct comparison

Clearing a path

Attempts by legislators and regulators to improve the UK’s pensions system add to its complexity and may also create new problems. David Adams reports on some of the most significant gaps and contradictions in an ever-more complex system

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. Fiveash also discusses the changes occurring in the DC industry, including reforming the DC transfer framework, delivering true value for money, and resolving the small pots problem

Focused on the future

Paige Perrin sits down with Avon Pension Fund head of fund, Nick Dixon, to discuss the fund’s priorities, how it is using its surplus, and progress towards its climate targets

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

A mid-life (pensions) crisis

Callum Conway explores why Gen X has become a key focus for the Pensions Commission, as the cohort approaches retirement caught between the decline of DB provision and the late arrival of auto-enrolment

IPOs blasting off

Sandra Haurant considers how the SpaceX record-breaking IPO will impact indices, and in turn, pension funds’ passive investments

Beyond the back office

Pensions administration has typically been seen as a back-office function. However, Paige Perrin investigates how this perception is changing as administration plays a increasingly crucial role in major strategic initiatives

The right balance

With systematic challenges ahead for the state pension, how do policymakers improve fiscal sustainability without sacrificing simplicity and retirement security?

The right connection

Targeted support currently only falls under the Financial Conduct Authority’s remit with DC schemes. Paige Perrin investigates if there could be space to explore expanding the regime to The Pensions Regulator’s jurisdiction of DB schemes and beyond

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Covenant and Financial Analyst

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from £89,459.00 per annum depending on skills, qualifications and experience

Brighton/hybrid 6 days per month in the office

Permanent

Your role will sit within our Market Oversight directorate, Market Oversight plays a central role in helping us understand how the pensions market is evolving and where risks and opportunities are emerging. You will contribute to building a system-wide view of schemes and the wider market—using data, insight and engagement to identify potential risks to members, and to highlight areas where standards can be improved. This includes monitoring trends, horizon scanning for new developments, and supporting proactive engagement with schemes and industry stakeholders in line with our newly published corporate plan.

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Member Non-Executive Directors, Pensions UK

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Join the Board of Pensions UK and help shape the future of pensions.

We are seeking senior leaders to provide independent challenge and strategic insight, supporting the Board in overseeing performance, governance and delivery for our members and the wider sector.

This is an opportunity to apply your strong judgement, credibility and expertise as we make Pensions UK and our members 2030 Ready.

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Chair, Policy Board, Pensions UK

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Help shape the future of pensions policy.

We’re looking for a credible, influential leader to chair our Policy Board, guiding Pensions UK’s policy agenda, leading debate across our diverse membership and acting as a key voice with government and industry.

This is a high-profile policy leadership role with real impact across the UK pensions landscape as we make Pensions UK and our members 2030 Ready.

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Pension Scheme Governance Specialist

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63,089.00 Per Annum

Brighton: Hybrid (6 days per month in the office)

Permanent

The Pension Scheme Governance Specialist role supports the effectiveness of the Trusteeship, Administration, and Defined Benefits Supervision (TADBS) team within the Market Oversight directorate.

This role is pivotal in overseeing the requirements for schemes and professional trustee firms to demonstrate appropriately scaled, robust, and effective governance frameworks, ensuring that they operate with integrity, transparency, and in the best interests of scheme members.

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Senior Pensions Manager, In-House

Posted by Sammons Pensions Recruitment

Comprehensive benefits & bonus

Hybrid/London 3 days a week city-based

Progressive career move with the in-house team of this major financial services organisation.

To discuss this role in confidence please call Sarah Bergin-McCarthy on 020 7293 7022 or email sbm@sammons.co.uk. please quote reference 81614.

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