XPS Pensions Group has reached one million members under administration.

This includes both defined benefit (DB) and defined contribution (DC) schemes in both the private and public sector, as well as XPS’ master trust, the National Pension Trust (NPT). The increase in membership was driven by growth in the private and public sectors, with the additional membership due to new business wins and first-time outsources, including the Prudential Staff Pension Scheme (DB Section), Mitchells & Butlers Pensions Plan and the Surrey and Sussex Police Schemes. This was in addition to the acquisition of Trigon Professional Services.

The Investment Association (IA) has focused in on executive remuneration amid the cost-of-living crisis.

The IA has confirmed that its Institutional Voting Information Service (IVIS) will now give a ‘red top’, indicating its highest level of concern, to any remuneration policy or report where executive pension contributions are not aligned to the majority of the workforce. Previous guidance from the IA emphasised the need for pension contributions for executive directors to be aligned with those available to the majority of the company’s workforce by the end of 2022, with the IA confirming that “the majority of companies are fully aligned”.

The Smart Pensions Master Trust has passed the one-million-member milestone.

The Smart Pension Master Trust explained that its rapid rollout since its launch in 2015 had been supplemented by a series of acquisitions, including the Welplan Master Trust, the Ensign Master Trust and the Corporate Pensions Trust. “It’s incredibly satisfying to see Smart Pension helping more than a million savers directly in the UK, our home market,” commented Smart Pensions co-founder and CEO, Andrew Evans. “Worldwide, we now have clear sight of reaching 10 million in our quest to transform retirement saving for the better.”

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