Government and Regulatory engagement

The PMI was invited to brief the Shadow Work and Pensions team in Parliament on the urgent challenges around retirement adequacy. This provided a direct opportunity to share members’ insights on contribution levels, savings gaps, and potential policy solutions to improve retirement outcomes. We continue to engage with the Shadow team as they scrutinise the Pensions Schemes Bill and provide input to the newly announced second Pensions Commission. 

The PMI also participated in TPR’s first innovation hackathon, which brought together trustees, fintech leaders, and pension professionals. The session explored challenges such as decumulation, self-employed saver engagement, ESG, and digital innovation. The PMI shared ideas to enhance member experience and contributed reflections post-event. You can watch an interview with the PMI’s CSO Helen Forrest Hall here.

Government launches second Pensions Commission

On 21 July the Government announced the launch of a second Pensions Commission which will explore the complex barriers stopping people from saving enough for retirement, with its final report due in 2027. It will examine the pension system as a whole and look at what is required to build a future-proof pensions system that is strong, fair and sustainable. 

The PMI welcomed the announcement as a critical opportunity to shape a more inclusive and resilient pensions system. We were pleased to represent our members at the launch event, reinforcing the importance of aligning future policy with the needs of savers, administrators, and employers. The Commission’s remit - to take a strategic, long-term view - closely mirrors PMI’s commitment to systemic improvement and cross-sector collaboration. 

We will be engaging proactively with the Commission throughout its programme of work. This will include contributing insight on distributional challenges, lifetime savings frameworks, and member experience - ensuring your voices are heard as proposals take shape. 

As always, the PMI remains focused on delivering meaningful reform and raising standards across the industry. We will keep members updated as this engagement develops. 

Final Report: Pensions Investment Review

The Government published the final report of the Pensions Investment Review, confirming major reforms to: 

• Consolidate the DC market by requiring default funds with at least £25bn AUM by 2030 

• Introduce a Value for Money framework across all schemes 

• Enable bulk transfers without member consent 

• Create default decumulation pathways 

• Reform the LGPS to build larger, more professionalised pools 

The PMI has responded publicly and is working with members to understand what these changes mean in practice.  

New TPR Guidance on DB Scheme Endgame Models

New guidance from The Pensions Regulator sets out a broader range of endgame strategies for DB schemes. These include running on at low dependency, generating and using surplus, transferring to superfunds, and full buyout.  

The PMI welcomed the guidance which provides timely and valuable support for trustees and sponsors navigating an increasingly diverse landscape of DB endgame options. 

We are particularly encouraged by the Regulator’s recognition that there is no single pathway to achieving good member outcomes, and that flexibility, innovation, and robust governance all have a role to play. 

The inclusion of practical case studies further enhances the guidance’s usefulness, illustrating real-world considerations and trade-offs involved in choosing between various strategic options. These examples provide valuable insight into how schemes of different sizes and profiles can apply the Regulator’s principles in practice. 

The PMI looks forward to supporting our members in interpreting and applying this guidance to improve outcomes for savers across the UK pensions landscape. 

Pension Schemes Bill and the Government’s Pensions Roadmap

The Pension Schemes Bill introduced on 5 June outlines key changes for the next five years. The PMI has welcome the proposals in the Bill and has been liaising with parliamentarians during its passage. We will be submitting evidence to the Public Bill Committee over the Summer before it begins its scrutiny in early Autumn. 

Alongside the Bill , the Government released its Pensions Roadmap, detailing reforms across DC, DB, and LGPS schemes. This includes new decumulation duties, trustee standards, investment reforms, and DB flexibility.  

Virgin Media announcement: Legislative Plans for Contracted-Out Benefits

The Government has announced plans to legislate for retrospective actuarial confirmation of historic contracted-out benefit changes. This will support schemes navigating GMP reconciliation and historic data issues. We expect this to be done via an amendment to the Pension Schemes Bill as it makes its way through Parliament and will be updating members on this and other key changes to the Bill.  

Trustee Strategy: Announcement at the PMI Annual Conference

At the PMI’s Annual Conference on 5 June 2025, TPR Chief Executive Nausicaa Delfas announced the upcoming launch of a Trustee Strategy to raise standards of trusteeship through education. The PMI is already working closely with TPR, with ongoing discussions around trustee qualifications, expectations, and effectiveness. Further updates are expected this summer. For now, check out the PMI’s Trustee training and our Qualifications for trustees.