2025 has been another busy year for the pensions industry, with growing concerns about government policy dominating the top 20 most read stories on Pensions Age.

The approach of the Chancellor’s Autumn Budget brought with it rumours of a possible ‘raid’ tax-free pension lump sum, fuelling public concern about a potential cut to pension tax-free cash.

While these fears were not realised, the Budget instead included a cap on salary sacrifice, plans to index for inflation on pre-1997 Pension Protection Fund (PPF) benefits, and changes to the tax charged on defined benefit (DB) pension surplus funds paid directly to members.

Some Budget announcements emerged earlier than expected after the Office for Budget Responsibility shared its forecasting on the Budget in error.

Separately, the year also saw the announcement of the Mansion House Accord, under which pension providers committed to increasing investment in private markets, reinforcing the government’s focus on unlocking pension capital to support economic growth.

The government also confirmed plans to stand by its state pension triple lock commitment, after the release of the inflation figures in September showed that pensioners are in line for a 4.8 per cent rise under the triple lock in 2026.

This came just a month after the government launched a call for evidence for its third state pension age (SPA) review, seeking views on the factors that should shape SPA decisions for future decades.

The government previously announced plans for a review of the SPA, which is required as part of its obligations under the Pensions Act 2014, alongside the revival of the Pensions Commission, as it looks to explore adequacy issues and under-saving concerns.

There were also several updates to the Women Against State Pension Inequality (Waspi) legal challenge. The campaign secured what it described as a "vital safeguard" for its case against the Department for Work and Pensions, after the government agreed to a costs capping order limiting its potential liability to £60,000.

The government also announced that it would review its decision not to provide compensation to women affected by state pension age changes, following the emergence of previously unseen evidence. This was followed by confirmation that a two-day High Court hearing before a senior judge would take place on 9 and 10 December 2025.

Looking ahead, nest year will see several reforms including the final pensions dashboards connection deadline and the LGPS asset pooling deadline.

Alongside potential shifts in government policy and the expected start of phased implementation of reforms from the Pension Schemes Bill, 2026 is shaping up to be another busy and evolving year for the pensions sector.

Take a look at the full top 20 most read stories of 2025 here:

1. Rumours over potential tax-free pension lump sum 'raid' grow
2. Blog: What gets funded, gets managed
3. State pension set for 'significant uplift'; cost concerns persist
4. Budget 2025: OBR forecast reveals extended tax allowance freeze and salary sacrifice changes
5. Blog: Make a date with pensions; ensuring savers get what they really want
6. Waspi women secure ‘vital safeguard’ for legal case against DWP
7. December hearing date set for WASPI legal challenge
8. Budget 2025: The headline pension changes announced
9. Govt confirms plans to stand by state pension triple lock commitment
10. Blog: The winter fuel saga
11. DWP launches call for evidence on state pension age review
12. Blog: International Women's Day or Groundhog Day - the need to accelerate action
13. Govt announces delay in NHS pension remedial service statements
14. Govt to review decision on WASPI compensation following new evidence
15. DWP identifies over 12,000 state pension HRP underpayments
16. Updated: Industry hits back as Reform UK slams LGPS status quo
17. Pension investors told not to panic amid market turbulence from Trump’s tariffs
18. Mansion House Accord revealed; pension providers to up private market investments
19. Keeping track of the latest pensions dashboards connections
20. Majority concerned about possible cut to pension tax-free cash in Autumn Budget

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