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DWP launches consultation on small pots consolidation


By Jack Gray

The Department for Work and Pensions (DWP) has published a consultation on the automatic consolidation of deferred small pension pots through the introduction of consolidator schemes.

The implementation of the ‘Multiple Default Consolidator’ model aims to address the rising number of deferred pots in the defined contribution (DC) pensions market


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Over two-thirds of DB schemes now in surplus as recovery plans shorten

More than two-thirds of defined benefit (DB) schemes in The Pensions Regulator’s (TPR) latest funding analysis are now in surplus, almost double the proportion recorded for the same cohort three years earlier.

TPR’s latest Occupational DB scheme funding analysis found that 67 per cent of tranche 19 schemes reported a surplus, compared with 39 per cent for tranche 16, highlighting the significant improvement in scheme funding positions over the past three years

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Women nearing retirement have just over half men’s pension wealth

Women aged 55 to 59 have just 54 per cent of the pension wealth held by men of the same age, with differences in working patterns identified as the biggest driver of the gender pensions gap, according to research from the Pensions Policy Institute (PPI)

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LTAF analysis reveals 5% gap in expected returns

Long-Term Asset Funds (LTAF) with the highest expected returns offered around 5 per cent a year more in expected returns than those with the lowest, according to analysis by XPS Group, which also found wide variation in fees, asset allocation and liquidity structures

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Annuity providers reach £22.8bn of £100bn UK productive investment pledge

The insurance and long-term savings sector has invested £22.8bn in UK productive assets since 2024, putting it more than a fifth of the way towards its £100bn investment commitment, according to the Association of British Insurers (ABI)

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Triple lock faces fresh scrutiny as state pension set to exceed tax-free allowance

The state pension triple lock is facing renewed scrutiny after the latest figures put the full new state pension on course to exceed the personal tax allowance for the first time from April 2027

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Engineering Council Pension Scheme secures £9m buyout with Just Group

The Engineering Council Pension Scheme has completed a £9m full-scheme buyout with Just Group, securing the benefits of around 90 members

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Industry warned digital revolution could widen inequality for some pension savers

The pensions industry must ensure digital transformation does not leave some savers behind, a paper by the Society of Pension Professionals (SPP) has warned
Industry calls for 2028 ‘test year’ before VFM ratings go public

Pension providers and industry bodies have called for the first year of the value for money (VFM) framework to be used as a testing period before ratings are made public, warning that inconsistent data and immature comparisons could cause reputational damage and drive 'inappropriate' consolidation.

The calls come ahead of the closure of the latest consultation on the VFM framework, which aims to provide a more consistent assessment of defined contribution (DC) arrangements across investment performance, costs and charges, and service quality
Developing future-proof pension systems in the near term ‘critical’ for retirement security

Developing future-proof pension systems in Europe over the near term is critical to ensuring retirement security and providing capital for the real economy, a report from the World Economic Forum (WEF) has stated
Over-50s forced out of work early face growing retirement income risk

More than half of people in their 50s and early 60s who left their last job did so for involuntary reasons such as ill health, caring responsibilities or redundancy, putting retirement incomes at risk, according to analysis from the International Longevity Centre UK (ILC)

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Givaudan UK Pension Plan completes wind-up with benefits secured by Aviva

The £64m Givaudan UK Pension Plan has completed its wind-up, with all members’ benefits now fully secured with Aviva through individual insurance policies
Special Melted Products scheme completes £52m buy-in with Canada Life

A defined benefit (DB) pension scheme sponsored by Special Melted Products Ltd has completed a £52m full-scheme buy-in with Canada Life


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