May 2025
30May

Real estate welcomes renewed government commitment to pensions ‘megafunds’

The government has fleshed out its plans to double the number of "pension megafunds" alongside reforms expected to have a major impact on real estate and infrastructure investment in the UK. The government has published its Pensions Investment Review – Final Report and its response to the Options for Defined Benefit schemes consultation, setting out what will be addressed in legislation, in particular, the Pensions Scheme Bill due later this year. Announcing the publications the Treasury said reforms to be introduced through...

May 30, 2025
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29May

UK. Reeves outlines plan for £25bn pension ‘megafunds’

The government has fleshed out its plans for reforming the UK pension industry, including the creation of £25bn "megafunds" which will be instructed to make a portion of their investments locally to help fuel economic growth. The chancellor said the overhaul, designed to follow the example of Australia and Canada's huge pension investment funds, would also boost people's pension pots. "These reforms mean better returns for workers and billions more invested in clean energy and high-growth businesses," Rachel Reeves said. Read also:...

May 29, 2025
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28May

UK Government to make getting full State Pension simpler with specific changes

The Check Your State Pension forecast service aids those wishing to make voluntary National Insurance contributions to fill gaps in their National Insurance record, and Treasury Minister James Murray has confirmed that changes will enhance the service. In a written statement to Parliament, he recently detailed a series of new simplified measures and updated guidance for the self-employed, those paying the High Income Child Benefit Charge, and anyone who wishes to maximise their State Pension by purchasing voluntary National Insurance Contributions. "The government also intends to further...

May 28, 2025
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23May

UK. DWP identifies over 12,000 state pension HRP underpayments

The Department for Work and Pensions (DWP) identified 12,379 underpayments between 8 January 2024 and 31 March 2025, totalling around £104m in arrears for those affected by Home Responsibilities Protection (HRP) State Pension underpayments. According to the update, the average arrears paid was £8,377 between 8 January 2024 and 31 March 2025. In the same period, HMRC sent 370,018 letters. It also processed 8,639 applications under the state pension age and 44,296 applications over the state pension age. In total, the DWP...

May 23, 2025
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22May

UK. Starmer announces U-turn on winter fuel payment cuts

Sir Keir Starmer has announced plans to ease cuts to winter fuel payments, in a U-turn following mounting political pressure in recent weeks. More than 10 million pensioners lost out on the payments, worth up to £300, when the pension top-up became means-tested last year. Speaking at Prime Minister's Questions, Sir Keir said ministers would change the threshold to allow "more pensioners" to qualify again. But it remains unclear how many will regain their entitlement for the payments, or when the changes...

May 22, 2025
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21May

UK. Pension surpluses ‘here to stay’; improved funding levels offer ‘huge’ opportunities

The estimated aggregate IAS19 surplus for the FTSE100's UK defined benefit (DB) pension schemes was £40bn as of year-end 2024, LCP's annual analysis has revealed, marking the fifth year in a row showing an overall surplus. Whilst this equates to an average surplus of over £600m for every FTSE100 company with a UK DB pension scheme, LCP clarified that the surpluses are unevenly distributed, with five companies accounting for half of the total. According to the analysis, the five companies with...

May 21, 2025
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20May

UK. Impact Investing Principles for Pensions updated to reflect changing market environment

The Impact Investing Principles for Pensions have been updated to help UK pension fund trustees better align their investment decisions with long-term impact goals and fiduciary duties. Originally launched by the Impact Investing Institute and Pensions for Purpose in 2020, the principles have been revised to reflect five years of market experience and legal changes, including rising expectations from pension savers and evolving regulatory demands. The updated guidance, which also includes The Global Impact Investing Network’s "significant" contribution and endorsement, seeks...

May 20, 2025
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19May

UK. State pensioners must obey DWP holiday rule or face ‘being taken to court’

State pensioners are being warned to obey a little-known Department for Work and Pensions ( DWP ) rule if they're heading out on holiday this year. Pension Credit claimants may not realise they need to inform the DWP if they plan to holiday outside mainland UK for any duration this year. A question in the DWP FAQ online asks: "Can I leave Great Britain and keep getting Pension Credit?" The DWP states: "We may pay Pension Credit for up to 4 weeks while...

May 19, 2025
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16May

UK. Mandating large pension scheme investments could risk UK growth gains

Mandating how large pension schemes invest to support UK growth could risk undermining the benefits these schemes already deliver to the UK economy, WPI Economics has suggested. The research suggested that while the UK government is seeking to attract more investment, enforced allocation rules could fail to address broader barriers already identified, such as fiscal incentives, planning system bureaucracy, and the need for a “clear and consistent” industrial strategy. WPI Economics’ report found that large UK pension funds deliver “significant” economic...

May 16, 2025
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15May

One-in-four UK pension schemes consider reducing US exposure amid tariff uncertainty

A new pulse survey by WTW reveals that a segment of UK defined benefit (DB) pension schemes are actively reconsidering their US exposures, amid mounting trade policy uncertainty and investor concern about global volatility. Polling conducted at WTW’s recent client forum (8th May) showed that while the majority of schemes are maintaining current allocations, around a quarter are now considering pulling back from U.S. assets and dollar exposure. This includes 25% of schemes considering a reduction in U.S. asset holdings. Meanwhile, 34% of...

May 15, 2025
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