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Policy Exchange calls for new public sector workers to be moved to DC schemes

By Jack Gray

27/1/26

Policy Exchange has recommended that all new public sector workers, excluding the armed forces, should be moved to new funded defined contribution (DC) pension schemes.

Under the proposals, the current defined benefit (DB) public sector pension schemes would be closed to new entrants, with existing members remaining in the schemes and building up contributions and entitlement

Two-fifths unsure of employer contribution levels as calls grow for ‘pension health check’

Two-fifths of full-time workers with a pension do not know how much their employer contributes, while more than four in 10 have never changed their own contribution levels, research from the Social Market Foundation (SMF) has found

USS continues exploration of conditional indexation model

A second report examining the potential role of conditional indexation (CI) within the Universities Superannuation Scheme (USS) has provided further analysis of how the model could work in practice, while emphasising that no decision has yet been taken on potential changes to the scheme’s benefit design

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Capita apologies for CSPS issues and sets out resolution plans

Capita has issued an apology for the ‘challenges’ members of the Civil Service Pension Scheme (CSPS) are experiencing following its appointment as administrator of the scheme

Finnair completes £4m buy-in and buyout with Aviva

The Finnair Oyj Retirement Benefit Scheme has completed a £4m full scheme buy-in and subsequent buyout with Aviva in under two months, securing the benefits of all 20 previously uninsured members

DB pension transfer values stabilise as gilt yields settle

Defined benefit (DB) pension transfer values remained broadly stable over the final quarter of 2025, XPS Group’s Transfer Value Index has revealed, reflecting calmer market conditions as gilt yields settled following the Chancellor’s Autumn Budget

Costain and its DB scheme trustee agree to halt AVCs and dividend parity agreement

Costain has reached an agreement with the trustee of its defined benefit (DB) pension scheme to remove a dividend parity arrangement and halt additional voluntary contributions (AVC)

Royal London launches IHT hub to support advisers

Royal London has launched an inheritance tax (IHT) hub designed to support advisers in preparation for pensions coming into the scope of IHT from April 2027

FRC issues guidance for pension actuaries on Virgin Media ruling

The Financial Reporting Council (FRC) has published guidance designed to support pension scheme actuaries dealing with historic amendments to pension rules, ahead of forthcoming legislation prompted by the Virgin Media Ltd v NTL Pension Trustees case

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Highlighted Content

Trustees Guide 2026

We cover many key issues to help Trustees navigate a complex environment in 2026

DC structures under the spotlight

Clare Freeman highlights the importance of reviewing established DC structures – whether its own trust, GPP or master trust – to improve governance, implement cost eﬃciencies and ultimately enhance member outcomes

Two steps forward, one step back

From reflections on the Budget, to considerations for future scheme design, our panel of experts reflects on the DC and master trust world of today and into the future

De-risking Guide 2025: Choosing the right path

The highlights, milestones and movements that defined the 2025 BPA space

What questions will define 2026?

Investments and markets leaders at BNY tackle six essential questions for the year ahead.

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

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 – 23 January 2026

The Pension Protection Fund (PPF) has appointed Jeremy Lee as chief risk officer

Appointments update - 19 January 2026

TPT Retirement Solutions has announced the appointment of Helen Taylor as chief legal, risk & compliance officer

Appointments update – 14 January 2026

Apita has appointed former Pensions Minister Guy Opperman as strategic adviser

Appointments update – 13 January 2026

Pinsent Masons has hired Travers Smith head of pensions, Susie Daykin, as pensions partner

Appointments update - 7 January 2026

Jackie Leiper has joined People's Partnership Limited as non-executive director

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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Head of Pensions

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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 Advisor – Head Office

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39,468 pa rising to £48,702 after three years' service

Head Office, Salford Quays, M50 3XZ

The principal duties are: under the general direction of the Pensions Officer to provide a frontline pensions guidance service to members of the Union; provide a support service to the
Pensions Officer including developing policies on pensions; advise members, reps and
Union Officials on matters related to Company and State pension provision. To raise awareness and generate activity relating to pensions issues.

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In-House Pensions Manager, Governance

Posted by Sammons Pensions Recruitment

superb compensation package

Hybrid/Glasgow office 3 days per week

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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Quality Assurance Pensions Administrator

Posted by Abenefit2u

Up to c£41,000pa plus excellent benefits

Leeds twice per week

Permanent

Are you highly detail-oriented with a passion for accuracy, continuous improvement, and high-quality outcomes? An established workplace pensions provider is expanding its Quality Assurance (QA) function and is looking for two experienced Pensions Administrators to help shape and strengthen this growing area of the business.

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• Proven pensions administration experience, including manual benefit calculations (essential).
• Experience or understanding of User Acceptance Testing for system changes and calculation updates (desirable — training provided).
• A strong eye for detail with a naturally questioning and analytical mindset.
• An inquisitive, improvement-focused approach, with confidence navigating complex scenarios

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

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Pensions Manager, In House

Posted by Sammons Pensions Recruitment

Excellent + competitive benefits & bonus

Hybrid/c.4 days a week office South East or West Midlands

Fantastic opportunity to take your career forward leading this in-house Pensions function.

To discuss this role in confidence please call Sarah Bergin-McCarthy on 020 7293 7022 or email sbm@sammons.co.uk. please quote reference 80721.

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