It has been another eventful week for pensions, and one that marked the start of the one-year countdown to the final pensions dashboards connection date.

Industry connections have been ramping up ahead of this, with both BT Pension Scheme and the Royal Mail Collective Pension Plan announcing that they have successfully connected to the pensions dashboards ecosystem.

But the Pensions Dashboards Programme (PDP) stressed the need to maintain momentum during the next 12 months, emphasising that whilst there has been significant progress, there is still more work to be done.

The countdown to pensions dashboards has not been the only upcoming date making headlines, though, as Chancellor Rachel Reeves' upcoming Budget at the end of this month has also continued to prompt widespread speculation.

This was intensified by Reeves' pre-Budget speech, which sparked concerns that "tough but necessary" decisions could await in the upcoming Budget, with particular concerns raised around potential tax changes, as calls for a "pensions tax lock" continue to grow.

MPs have also been urged to resist making hasty changes to salary sacrifice arrangements, amid fears of unintended consequences for savers and employers alike.

However, whilst Reeves' pre-Budget speech prompted renewed concern amongst many, the government's Financial Inclusion Strategy was met with a much more positive reaction, as industry experts welcomed the plans to promote payroll savings more widely, and to include financial education in primary schools.

This was well timed, as broader conversations around money have also been highlighted by the industry to mark Talk Money Week.

In particular, research from Aviva and Age UK highlighted the need for more support and guidance for mid-retirees during retirement, while research from Now Pensions and Stand emphasised the need for more support and education around pensions for women, to help address the gender pension gap.

Broader work around the ongoing Pension Schemes Bill has also continued, with The Pensions Regulator and Department for Work and Pensions (DWP) emphasising the growing responsibilities facing trustees under the new reforms.

But concerns around some of the proposals in the bill are also growing, as research from Standard Life found that nearly two-fifths (39 per cent) of defined benefit (DB) pension trustees are uncomfortable with the government's proposed surplus reforms, with mixed views on whether the plans would be in scheme members' best interests.

And despite the recent focus on run-on and surplus sharing options, recent momentum in the bulk purchase annuity (BPA) market has also continued, with analysis from LCP predicting around £550bn of buy-ins over the next decade as insurers strengthen their balance sheets and seek new opportunities in a competitive marketplace.

Indeed, M&G also confirmed that its with-profits bulk purchase annuity project remains on track for its 2026 target, underscoring continued confidence in the sector’s long-term growth trajectory.

Other key updates seen this week included the end of TPR's long-running case against ITV, bringing to an end a high-profile dispute that stretched over 10 years.

Other long-running issues continue to cause concern, however, with particular issues highlighted around guaranteed minimum pension (GMP) equalisation delays, seven years on from the High Court ruling on the matter.

The climate focus has also been ramping back up ahead of COP 30 starting next week (10 November - 21 November), as environmental, social, and governance (ESG) factors were brought back into sharp focus this week.

In particular, industry research found that defined contribution (DC) providers are continuing to strengthen their ESG integration, but many report persistent data challenges that hinder meaningful progress.

Pension funds have also backed recommendations aimed at driving more responsible practices across the global mining industry, reflecting the sector’s growing commitment to stewardship and sustainability.

But much more work is still needed, with a report from MSCI and Swiss Re warning that over half of global pension holdings remain exposed to physical climate risks, highlighting the scale of work still needed to safeguard portfolios against long-term environmental pressures.

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