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Govt urged to stop and reverse the proliferation of small pension pots


By Sophie Smith

The government has been urged to take action to stop and reverse the proliferation of small pension pots, after a report from the Institute for Fiscal Studies (IFS) suggested that there is a strong case for deferred small pension pots to be consolidated by default.

The report, produced in partnership with the abrdn Financial Fairness Trust, said there are also merits to going further than just consolidating small pots, and moving towards a system where people end up with one DC pension pot, or only a very small number of these


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Annuity sales 'leap' to ten-year high amid improved rates and competition

Sales of pension annuity contracts increased by 24 per cent in 2024 to 89,600, surpassing last year’s total and reaching a new ten-year high, figures from the Association of British Insurers (ABI) have revealed

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More work needed for trust-based schemes to utilise targeted support, FCA told

The Financial Conduct Authority (FCA) should provide further clarity on how trust-based pension schemes will be able to confidently make the most of targeted support, the Association of Consulting Actuaries (ACA) has said

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Finning Pension Scheme completes £250m buy-in with Standard Life

The Finning Pension Scheme has secured a £250m buy-in with Standard Life, covering the benefits of all 2,170 scheme members

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Savers keen to see hybrid approach to AI pension support

While UK savers are open to AI playing a role in pension customer support, they are not ready for a fully automated experience, research from PensionBee has revealed

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Research highlights 'stubborn' gender pensions gap across all ages

There is a “stubborn” gender pensions gap across all ages with women struggling to build pension wealth throughout their working life, analysis from Interactive Investor has revealed

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One in eight young people don’t know pensions basics

Just over one in eight (13 per cent) young people could not answer a question correctly in a four-part true or false pension quiz, research from the Money and Pensions Service (Maps) has found

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DC master trusts plan outsized investments in UK illiquid assets

Defined contribution (DC) master trust providers are directing an outsized portion of illiquid investments towards UK-based opportunities, with the majority planning to invest between 21 per cent to 30 per cent domestically and some committing over 40 per cent, Isio research has found
Tui Group Pension Trust completes £370m buy-in with L&G

The BAL section of the Tui Group UK Pension Trust has completed a £370m buy-in with Legal & General (L&G) Assurance Society, meaning that all section benefits are now fully secured
DB funding improvements continue despite 'turbulent' start to the year

The aggregate surplus of defined benefit (DB) pension schemes rose to £239bn in January 2025, as DB scheme funding continued to strengthen, the Pension Protection Fund's (PPF) 7800 Index has revealed
FOI data reveals 'surge' in TPR s72A requests in 2024

The Pensions Regulator (TPR) issued six section 72A (s72A) requests to pension schemes in 2024 requiring people to attend interviews, compared to just one s72A request between 2018 and Q1 2024, according to new data obtained by Eversheds Sutherland

DC schemes still underestimate effects of gilt volatility

Those running UK defined contribution (DC) pension schemes are still too often underestimating the impact of gilt market volatility, Aon has argued, suggesting this could have a “significantly” adverse impact on member outcomes
Women's occupational DC pension pot half the size of men's

Men over 16 have a median occupational defined contribution (DC) pension pot of £10,000, whereas women in the same age group have £5,000, suggesting a "significant" gap in pension savings between genders, research from Broadstone has revealed


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