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Over-taxation concerns persist as repayments exceed £1.4bn


By Sophie Smith

HMRC repaid more than £44m to people who overpaid tax when they flexibly accessed their pensions in Q1 2025, the latest government Pension Schemes Newsletter has revealed, pushing total repayments since 2015 past £1.4bn.

According to the update, HMRC repaid a total of £44,003,977 from 1 January 2025 to 31 March 2025, with an average tax refund per saver of around £2,881


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PA Spring Conference: BBB to establish investment vehicle to attract pension fund investment in venture capital

The British Business Bank (BBB) has been working in consultation with pension funds on designing an investment vehicle to attract UK pension funds into venture capital and growth equity

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Employers urged to step up on social mobility amid 'diversity-washing' concerns

Employers have been urged to take steps to support social mobility, after research from NextGen Pensions raised concerns about potential "diversity-washing"

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News in brief - 25 April 2025

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

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This week in pensions: 21-25 April 2025

Pensions Age looks back on the key developments from the pensions industry this week, including updates from the DWP and the government, concerning findings on pensions literacy, and notable sustainability progress

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Govt confirms plans to include small pots solution in Pension Schemes Bill

The government has confirmed that it is pushing ahead with plans to combine small pension pots in the upcoming Pension Schemes Bill, in a move that is expected to boost retirement savings for the average worker by around £1000.

Under the reforms, each individual’s small pots will be brought together into one pension scheme that is certified as delivering good value to savers, although individuals will retain the right to opt out

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Majority of pension providers to connect to dashboards ecosystem ahead of staging deadlines

An “overwhelming” majority (90 per cent) of pension providers regulated by the Financial Conduct Authority (FCA) expect to connect to the pensions dashboards ecosystem in line with the staging guidance, research from the Pensions Dashboards Programme (PDP) has revealed

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PA Spring Conference: TPR to launch innovation hub in summer

The Pensions Regulator (TPR), interim director of policy and public affairs, Patrick Coyne, has announced that TPR will launch its planned innovation hub during the summer
Industry reacts: Small pots consolidation welcome; ‘long way to go’ before savers see benefits

The pensions industry has welcomed the government’s confirmation that it is proceeding with plans to combine small pension pots in the upcoming Pension Schemes Bill, but warned of long timelines, implementation complexity, and unanswered questions
Over £800m paid to address state pension underpayments

The Department for Work and Pensions (DWP) had repaid £804.7m to individuals impacted by historical state pension underpayments as of 31 March 2025, having identified 130,948 underpayments
ELG Haniel Metals Limited Pension and Assurance Scheme completes £28m buy-in with Just Group

The ELG Haniel Metals Limited Pension and Assurance Scheme has completed a £28m buy-in with Just Group, securing the benefits of 99 deferred members and 81 pensioners

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Majority likely to consider sustainability principles when selecting bulk annuity provider

Sustainability issues are a key consideration for pension schemes selecting a bulk annuity provider, research from the Society of Pension Professionals (SPP) has suggested, as 88 per cent of those polled agreed that the Sustainability Principles Charter is likely to be a factor
TPR highlights DB superfund 'friction points' following first round of deals

The Pensions Regulator (TPR) has said that pension superfunds could be a positive for ensuring good outcomes for savers, particularly those in smaller schemes, despite a number of "friction points" seen in the superfund transactions completed so far


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Highlighted Content

Podcast: The role of CDC

In the latest Pensions Age podcast, Laura Blows speaks to TPT Retirement Solutions chief client strategy offi cer, Andy O’Regan, about the role of collective DC (CDC) within the UK pensions space

DEI focus:

Incorporating diversity, equity and inclusion within trustee boards

New tools for PRT

Kelvin Wilson looks at AI and technology impacting the pensions risk transfer (PRT) market

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Supersizing the pensions sector

As the drive towards DC consolidation ramps up, Laura Blows examines the consequences of the trend towards generating ‘larger, but fewer’ pension schemes on the industry

BPAs: Attention turns to small DB schemes

With insurers increasingly taking a shine to smaller schemes, what does this mean for the bulk purchase annuity (BPA) market?

Sink or swim: The rising tide of cyber threats

Callum Conway looks at why pension fund trustees and members are facing an increasing wave of cyber threats – and what they can do to stay protected

Striking the right balance

Paige Perrin examines the delicate balancing act faced by pension scheme trustees as they navigate the growing demands of environmental, social, and governance (ESG) considerations, alongside their fiduciary duty to act in the best interests of scheme members

Venturing on new investments

Is the time right for UK pension funds to consider venture capital investment?

Closing the DEI gap

As part of Pensions Age’s year-long special focus on diversity, equity and inclusion (DEI), Pensions for Purpose research manager, Bruna Bauer, discusses how those managing pension funds can harness their investment power to improve DEI, both within their own

organisations and those they invest in

Landmark legal cases

Pensions Age looks at some of the most important legal cases over the past year, and what effect these rulings may have for the pensions sector

Recipe for BPA success

Compass Group Pension Plan chair of the trustee board and Capital Cranfield professional trustee, Philip Whittome; and Standard Life, part of Phoenix Group, director of defined

benefit solutions, Kieran Mistry, reveal the key ingredients needed to successfully tackle a complex BPA transaction

The greener choice?

With artificial intelligence (AI) playing a growing role in pension provision, Sophie Smith

takes a closer look at the environmental, social and governance risks surrounding the use of

AI, and whether short-term gains are being prioritised over long-term goals

Paving the way to better investment

Francesca Fabrizi sits down with The Investment Association senior policy adviser, pensions and institutional market, Imran Razvi, to find out how the association is improving pension funds’ access to private markets and more

Looking out for tremors

How are DB schemes preparing for tomorrow’s market shocks? Alex Janiaud finds out

Paying the price

In our latest contribution to Pensions Age’s year-long diversity, equity and inclusion (DEI) focus, Paige Perrin explores how career breaks continue to impact women’s long-term financial security in retirement

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Being retirement ready
Gavin Lewis, Head of UK and Ireland Institutional at BlackRock, talks to Francesca Fabrizi about the BlackRock 2024 UK Read on Retirement report, 'Ready or not. How are we feeling about retirement?’

Time for CDI
Laura Blows speaks to AXA Investment Managers (AXA IM) senior portfolio manager for fixed income, Rob Price, about cashflow-driven investing (CDI) in Pensions Age’s latest video interview

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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