December 2025
19Dec

Heterogeneous Institutional Investor Response to Firm Environmental Regulatory Risk

By Chunxiao Lu, Yuyang Zhang & Linxiang Ma This paper investigates whether institutional investors incorporate firm-level environmental regulatory risk into their portfolio decisions. We document substantial heterogeneity across investor types in their responses to changes in firm-level environmental regulatory risk. Long-horizon investors, such as banks, insurance companies, and pension funds, tend to tilt their portfolios toward stocks with higher environmental regulatory risk. In contrast, short-horizon investors, including investment advisors and mutual funds, reduce their holdings of these firms. These opposing...

December 19, 2025
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19Dec

Lost Pensions, Lost Pensioners: Is a National Registry of Pension Plans the Answer?

By David P. Blake & John A. Turner In the United States and other countries, many retirees face great difficulties in tracing their former employers in order to apply for a pension to which they are entitled. At the same time, pension plans have trouble tracking down pensioners with whom they have lost contact. The problem of lost pensions and lost pensioners was also prevalent in the United Kingdom, but in 1991 the British government established a national registry of...

December 19, 2025
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19Dec

UK. ‘Clarity and fresh uncertainty’: Pensions in 2025

UK pensions policy rarely stands still but 2025 delivered a flurry of reforms, consultations and political interventions. From the revival of the Pensions Commission to sweeping changes in the Budget, this year brought both clarity and fresh uncertainty for advisers. By the time we had reached December, it was clear that the big story of 2025 wasn’t one specific reform but the sheer volume of moving parts. One thing is clear: the pace of pensions reform is accelerating In May, 17 of the...

December 19, 2025
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18Dec

UK. Looking ahead: What to expect for the pensions industry in 2026

The Pension Schemes Bill is expected to receive Royal Assent in 2026. The bill will significantly change the current defined contribution (DC) landscape, with the requirement for most multi-employer DC auto-enrolment master trusts and pension schemes to have at least one “main scale default arrangement”. These must have at least £25bn of “qualifying” assets under a common investment strategy by 2030 to continue. Other DC measures include a new value for money framework as of 2028, a “guided retirement” or...

December 18, 2025
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17Dec

US. New House Bill Revives Push for Automatic Retirement Accounts for Uncovered Workers

Representative Richard Neal D-Massachusetts reintroduced a bill Monday that would mandate employers with 10 or more workers to automatically enroll employees in individual retirement accounts, unless the company already provides a retirement plan. Neal, the ranking member of the House Committee on Ways and Means, said in a statement that the bill would create a retirement savings option for gig workers and other independent contractors who do not have access to defined contribution retirement accounts. “Automatic IRAs are simple and effective, and they have...

December 17, 2025
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17Dec

UK. Trust-based pension schemes: Trustees and governance, building a stronger future

The pensions landscape is changing. The transition from Defined Benefit (DB) to Defined Contribution (DC) is well underway. The DC market itself is transitioning to a more mature structure, characterised by bigger schemes. Change is also being accelerated by the Pension Schemes Bill currently before Parliament. Amidst this change, one thing remains constant: the importance of good governance, with schemes overseen by trustees that have not only the skills and knowledge to navigate the changes to come, but also members best interests consistently front of mind. This consultation...

December 17, 2025
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09Dec

UK. The Pensions Regulator probes barriers to investment in private markets

The Pensions Regulator (TPR) has launched an initiative to better understand the barriers people face when it comes to investing in private markets. Through the voluntary Mansion House Accord, 17 workplace pension providers have signalled their intent to invest more in private markets by 2030, including in the UK. The announcement in October of the Sterling 20 partnership between 20 of the UK’s largest pension funds and insurers has continued to build on that momentum. TPR published private markets guidance last year...

December 9, 2025
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08Dec

Major Changes To U.S. Pensions Being Considered By Congress

Congress is considering major changes to U.S. pensions after a new bill was introduced this week. The proposal, put forward by Democratic Representative Eugene Vindman of Virginia, seeks to make it easier for Americans to build emergency savings without sacrificing their retirement security. Why It Matters Vindman’s Congressional bill would modify eligibility rules and raise contribution limits for pension-linked emergency savings accounts—programs that allow workers to set aside funds for unexpected expenses alongside their retirement savings. If enacted, it could reshape how millions of employees prepare for financial shocks, offering a safety...

December 8, 2025
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04Dec

UK. Securing our future: Climate risk and the Pension Schemes Bill

The government is undertaking a once-in-a-generation review of the UK pensions system. It is much needed, and they have made some welcome proposals. However, they are missing the single biggest threat to long-term retirement security: climate change and the accelerating destruction of nature. By refusing to confront this reality, they are letting down pension savers and the pensions industry alike. UK pension schemes continue to hold substantial investments in fossil fuels, including new coal, oil and gas projects. These investments drive...

December 4, 2025
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02Dec

UK. FCA unveils ESG ratings proposals; consultation launched

The Financial Conduct Authority (FCA) has unveiled proposals to ensure that environmental, social and governance (ESG) ratings are transparent, reliable and comparable, following the government's decision to bring ESG ratings within the regulator's remit for the first time. The reforms, which are expected to generate around £500m in net benefits over the next decade, form part of a new consultation launched by the FCA, which is open until 31 March 2026. According to the regulator, the decision to bring ESG ratings...

December 2, 2025
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