Recent developments

While we await the Government’s broader pensions reform package and the introduction of the Pension Schemes Bill, there has been a brief pause in major announcements. However, notable updates include:

• The Small Pots Delivery Group response
• The Government’s response to the Work and Pensions Select Committee’s DB Inquiry

Meanwhile, regulators have been active:

• In a recent speech at the JP Morgan symposium, the FCA’s Nikhil Rathi raised the idea of allowing savers to access pension savings to buy their first home—closely aligning with PMI’s Lifetime Savings Initiative.
• TPR published its Market Oversight Report, announcing extended supervision to professional trustee firms.
• TPR also released its first Annual Funding Statement under the new DB Funding Code, noting that scheme funding positions remain strong, with 80% of schemes expected to meet Fast Track criteria.
• Additional market research was published on how recent international trade tariffs are affecting pension scheme investments, along with expectations for trustee responses across different scheme types.

Latest announcement

Just this week, the Mansion House Accord was announced. Seventeen pension schemes have committed to investing 10% of assets in private markets by 2030, with at least 5% allocated to UK investments.

What’s next

We expect a series of major updates in the coming weeks, including:

• The final report from Phase 1 of the Pensions Review
• The Government’s response to the DB Options Consultation
• The introduction of the Pension Schemes Bill

The PMI will continue to represent members' views and engage with policymakers across the sector. If you would like to learn more about our policy work, please contact Helen Forrest Hall.

We remain committed to ensuring pensions policy evolves in a way that supports both the industry and savers. Stay informed—more updates coming soon.