December 2025
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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12Dec

UK. Willis Towers Watson to acquire pensions and savings provider Cushon

Global advisory, broking and solutions firm Willis Towers Watson (WTW) has announced that it will acquire workplace pensions, savings and financial wellbeing provider Cushon from Natwest Group. The acquisition is subject to regulatory approval and is anticipated to close in the first half of 2026. It will add 730,000 members to WTW’s portfolio and see an additional £4 billion in assets under management from Cushon. The deal will bolster WTW’s position in the UK defined contribution (DC) master trust space, enhance capabilities and...

December 12, 2025
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11Dec

UK. Trustees need flexibility to make pension investments matter for long term

Politics can struggle to look past the next week. Fortunately, others must. Take pension funds, for example. Today’s youngest pension savers will retire into the world in 2070. What’s that world going to look like? Capital shapes the world around us. It finances our homes, our jobs, and the goods we consume. And UK pension funds sit on a lot of this capital; £2.5tn in total, equivalent to the size of the entire UK stock market or the annual GDP...

December 11, 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

UK. Pensions dump US equities over AI fears

Is an AI bubble on the horizon? Some of the UK’s biggest pension funds think so and are cutting back their exposure to US equities as a result. Schemes managing more than £200bn in assets for millions of British savers told the Financial Times they had been shifting allocations to other geographical regions or adding protection against a potential fall in stock prices in recent months, write Josephine Cumbo and Mary McDougall. The moves come as the tech-heavy Nasdaq Composite index...

December 8, 2025
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05Dec

UK. Industry stresses need to communicate ‘the whole truth’ on retirement CDC

Industry bodies have warned that benefit illustrations for retirement collective defined contribution (CDC) plans must be accurate and not misleading, as concerns grow about the final details of the regime. The government recently launched a consultation retirement CDC, which would allow people who have saved into a defined contribution (DC) scheme to transfer their pension pot into a CDC scheme at retirement. Industry experts have warned that the framework must dovetail with the forthcoming guided retirement duty and avoid creating default pathways before retirement CDC...

December 5, 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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03Dec

UK. People’s allocates £3.6bn to emerging markets with new mandate

The People’s Pension has awarded a £3.6bn emerging markets mandate to Robeco – the latest in several investment strategy changes as it gears up for a period of growth. The £38bn master trust has shifted to an active, quantitative investing approach as part of the move, it said in a press release. The allocation was previously passive and run by State Street. People’s said the new mandate ensured “greater alignment with the scheme’s evolving responsible investment policy”, as well as aiming for...

December 3, 2025
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03Dec

UK. Pension opt-outs ‘early sign’ of mounting financial pressure

Around 15 per cent of employers reported that at least 2 per cent of their workforce have reduced or opted out of pension contributions over the past year, according to Broadstone’s latest UK Employee Benefits Landscape Report. The consultancy warned that the trend is an early sign of mounting financial pressure and weakening saver confidence at a time when adequacy is already under scrutiny. The report also found that among employers who adjusted their benefits packages following the Autumn 2024 Budget, 43 per...

December 3, 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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