October 2025
14Oct

UK. Major pension changes expected by 2035; DC concerns remain centre stage

Whilst most Pensions UK members are confident that the pension industry will successfully adapt to any changes over the next decade, many remain concerned over defined contribution (DC) outcomes and political uncertainty. Research from Pensions UK found that nearly half (44 per cent) of its members expect to see a very significant change in the pensions industry by 2035, or sooner, with over a quarter (28 per cent) expecting to see very significant changes within the next five years. Yet most...

October 14, 2025
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September 2025
12Sep

Ndc Benchmarking and Actuarial Fairness in Spain’s Db Pensions: Retirement, Disability, and Survivor Reversibility

By Carlos Vidal-Meliá We apply an actuarially grounded Notional Defined Contribution (NDC) counterfactual to benchmark Spain’s pay‑as‑you‑go Defined Benefit (DB) pensions using administrative microdata (MCVL, 2015–2023). From observed contribution histories we reconstruct notional capital, price DB liabilities with contingency‑, gender‑ and income‑stratified mortality—adding severity‑ and onset‑adjusted tables for disability—and quantify actuarial fairness via money’s‑worth ratios (MWR), real internal rates of return (IRR), and notional–cost gaps. A unified treatment of retirement, disability, and survivor reversibility employs joint‑life valuation.Results show pervasive actuarial...

September 12, 2025
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12Sep

Economic and Distributional Effects of Demographic Shifts: Evaluating Pay-as-You-Go and Fully Funded Pension Schemes Based on the Greek Experience

By Zois Gerasimos Katsimigas, Christos Papatheodorou This paper examines economic and distributional consequences of demographic shifts by comparing pay-as-you-go (PAYG) and fully funded (FF) pension schemes in a macroeconomic framework, using Greece as a case study. Facing acute ageing and population decline, Greece provides a unique context to assess the performance of these schemes. We develop a post-Keynesian stock-flow consistent (SFC) model calibrated to the Greek economy to simulate the macroeconomic and distributional outcomes of both schemes under projected demographic...

September 12, 2025
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August 2025
22Aug

Economic and Distributional Effects of Demographic Shifts: Evaluating Pay-as-You-Go and Fully Funded Pension Schemes Based on the Greek Experience

By Zois Gerasimos Katsimigas & Christos Papatheodorou This paper examines economic and distributional consequences of demographic shifts by comparing pay-as-you-go (PAYG) and fully funded (FF) pension schemes in a macroeconomic framework, using Greece as a case study. Facing acute ageing and population decline, Greece provides a unique context to assess the performance of these schemes. We develop a post-Keynesian stock-flow consistent (SFC) model calibrated to the Greek economy to simulate the macroeconomic and distributional outcomes of both schemes under projected...

August 22, 2025
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May 2025
09May

The DC Future Book 2024: in association with Columbia Threadneedle Investments

By Pensions Policy Institute This report is the tenth edition of the Pensions Policy Institute’s (PPI) The DC Future Book: in association with Columbia Threadneedle Investments, setting out available data on the Defined Contribution (DC) landscape alongside commentary, analysis and projections of future trends. Demographic and policy changes mean that, compared to previous generations of pensioners, current and future retirees will. These changes increase the risk borne by pension savers and the complexity of decisions they must make at, and during,...

May 9, 2025
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08May

UK. Pension savers urged not to panic despite potential impact of volatility on DC savings

Defined contribution (DC) pension savers could see their potential retirement income fall by up to 20 per cent as a result of market volatility seen following the introduction of US tariffs, although those in defined benefit (DB) schemes are unlikely to be affected, research from the Society of Pension Professionals has revealed. The SPP acknowledged that, in the wake of US President, Donald Trump, announcing new import taxes on goods from almost every country, the economic turbulence felt across the...

May 8, 2025
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January 2025
10Jan

Pensions Investment Review: Unlocking the UK pensions market for growth

By Department for Work and Pensions & HM Treasury In July 2024 the Chancellor announced a landmark Pensions Review, the first phase of which was purposed with exploring new ways to boost investment, increasing saver returns and tackling waste in the pensions system. The joint HM Treasury-Department for Work and Pensions Minister Emma Reynolds MP was asked by the Chancellor to lead the first phase of the review, which is focussed on four specific areas. Get the report here

January 10, 2025
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December 2024
13Dec

Aon UK DC Pension Tracker – Q3 2024: State Pension increase drives rise in savers’ expected incomes

By Aon Over Q2 as a whole, the Aon UK DC Tracker rose which suggests the expected future living standard in retirement provided by defined contribution (DC) savings was higher than at the end of the previous quarter. All members benefited from the April 2024 increase in the state pension, which increased from £10,600 to £11,500 per year. The oldest saver saw the largest proportionate increase from this change as the state pension makes up a larger proportion of their expected retirement income. Positive returns...

December 13, 2024
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13Dec

UK. DC retirement expectations fall for young savers amid ‘flat’ investment returns

The expected future living standard in retirement provided by defined contribution (DC) savings fell for young savers in Q3, following "flat" investment returns, Aon’s UK DC pension tracker has revealed. The youngest saver’s expected income in retirement decreased by around £170 p.a. (0.5 per cent), driven by the increase in expected inflation and a decrease in the expected future investment return assumptions post-retirement. An increase in future expected return assumptions before retirement partially offset these decreases. However, older savers’ expected retirement...

December 13, 2024
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November 2024
25Nov

UK. Hopes and fears for pensions in 2025

Improvements in defined benefit (DB) pension scheme funding mean that, for many, the ‘endgame’ for the pension scheme now feels tangible, instead of a distant ambition. However, the advent of the new funding regime will overlay a new discipline. With defined contribution (DC) schemes, questions around adequacy remain uppermost for members, while the absence of a timetable for the extension of auto-enrolment minimum contributions continues to be a concern.” The challenge of retirement adequacy We now know that Employer National Insurance...

November 25, 2024
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