March 2026

UK. Modern pensions policy has to move beyond ‘simple paternalism’

The pensions industry must prepare for a fundamental shift in saver behaviour driven by technology, Financial Conduct Authority (FCA) chief executive, Nikhil Rathi, has said, warning that policy must move beyond “simple paternalism” as engagement increases. Speaking at the J.P. Morgan Pensions and Savings Symposium 2026, Rathi said that forthcoming pensions dashboards and digital tools could significantly alter how consumers interact with their retirement savings. “Modern pensions policy has to move beyond that kind of simple paternalism,” he stated, arguing that...

UK. Pension transfer ‘sludge tactics’ eroding saver trust

Pension transfer delays and administrative barriers are undermining trust in the UK pensions system, Penfold co-founder and CEO, Chris Eastwood, has warned, amid growing scrutiny of so-called 'sludge tactics'. The comments come as a national debate over pension transfer practices has intensified, with growing public support for a legally enforceable 10-day guarantee to switch pensions. Industry data suggested that while average transfer times stood at around 10-12 days, this masked inconsistencies, with some providers completing transfers in under four days while others took more than...

War and Pensions: The Effects of War on Social Security and Pensions Around the World

By John A. Turner, David Rajnes, Gerard Hughes & Maher Michelle War has affected the development of social security and employer-provided pensions. Roman soldiers received the first pensions. In most countries, military pensions preceded social security pensions, providing countries experience with the concept and administration of pensions. War or the threat of war affected the development of the two major branches of social insurance-based pensions—Bismarckian (earnings related pensions developed in Germany) and Beveridgian (pensions tied to years of work developed...

Banking and Financial Unions Challenge Joaquín Cortez’s Appointment as Superintendent of Pensions

Union organizations asserted that Joaquín Cortez's education at the Pontifical Catholic University and the University of Chicago "is not an anecdotal detail but a clear signal of his ideological imprint, the same one that shaped the individual capitalization system imposed during the dictatorship and turned pensions into a business rather than a right." In a public statement, the Confederation of Banking and Financial Unions expressed concerns over the appointment of Joaquín Cortez (featured in the photo) as Superintendent of Pensions,...

How the UK’s largest pension schemes have navigated recent volatility

Leading pension scheme investment bosses have highlighted the importance of appropriate governance processes to help navigate periods of volatility. On a panel discussion at the Pensions UK Investment Conference in Edinburgh this week, senior representatives from three of the UK’s largest pension managers explained that clear delegation and communication were key to successfully navigating volatility. Joe McDonnell, chief investment officer at Border to Coast Pensions Partnership, said his asset allocation committee had been meeting “more frequently” in recent weeks to assess...

92% of pension professionals say administration is as important as investment and strategy, XPS polling finds

More than nine in ten (92%) pension professionals believe administration is as important as investment and funding strategy in running a well-governed scheme, according to new polling by XPS Group. The findings are based on responses gathered during a recent XPS webinar examining the evolving role of pension administration amid growing regulatory focus. When asked whether administration is a core pillar of the pensions industry infrastructure (145 responses): 92% agreed it is as important as investment and strategy 8% somewhat agreed ...

Managing Retirement Risk: Policy Choices in Pension Fund Administration

By Fawaz Adediran & Oluwatobiloba Yomi-Oshatimi This article critically examines the legal and institutional framework governing pension administration and Pension Fund Administrators in Nigeria under the Pension Reform Act 2014. It analyses the structure of the contributory pension scheme, focusing on the statutory separation between Pension Fund Administrators and Pension Fund Custodians as well as the fiduciary obligations imposed on administrators, and the supervisory mandate of the National Pension Commission. The study situates Nigeria's pension reforms within the broader global...

Japan public pensions let domestic bond holdings slide as yields rise

Organizations managing public pension funds in Japan are keeping a smaller share of their assets in Japanese bonds, steering clear of buying in a trend that could add to the upward pressure on yields. The Federation of National Public Service Personnel Mutual Aid Associations had 19% of its holdings in domestic bonds at the end of 2025, well below its standard allocation of 25%. The organization has around 12 trillion yen ($76.8 billion) in assets under management. Similar, albeit smaller, declines...

February 2026

UK. FCA’s pension transfer plans are anti-competitive and anti-consumer

A healthy, efficient pension transfer market is an essential ingredient to helping people make the most out of their retirement savings. As we all start up auto-enrolment pensions every time we join a new employer, for most people consolidating their discarded pensions under one roof makes the most sense. It reduces administration, tracking, and decision-making, especially as clients approach retirement. Deciding when and how to take an income from a pension pot is tricky enough, but having multiple pension pots...

Pension funds moving to scenario-driven and dynamic portfolio construction approach

Pension funds are adapting their portfolio construction approaches as uncertainty becomes more structural, return dispersion widens, and traditional anchors for asset allocation weaken, according to a report from BlackRock. Its 2026 Institutional Investment Direction report, which analysed pension schemes in the UK, US, and Euro area, highlighted a move away from relying on a single base case and towards a more scenario-driven and dynamic approach to portfolio construction. Pension investors were rethinking what they invest in and how portfolios are implemented as outcomes...