All Consolidation articles
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NewsThe £25bn question: TPR report casts doubt on benefits of scale
New research from the Pensions Regulator indicates that scaling up defined contribution pension schemes will not bring guaranteed economies of scale.
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NewsRegulator gives green light to WTW’s Cushon acquisition
WTW now owns two defined contribution master trusts serving the UK market, with Cushon now sitting alongside its existing LifeSight offering.
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NewsPension Schemes Bill finalised: Industry hails ‘historic moment’ despite spectre of mandation
The Pension Schemes Bill has been finalised after protracted debates between legislators, and will now move to receive Royal Assent. Pensions Expert rounds up some of the industry reaction across the various elements of the new legislation.
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NewsPeers urge rethink on scale test to preserve innovation and competition
Members of the House of Lords have warned that the legislation backing the scale test is too restrictive and could stifle innovation among DC providers.
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NewsLords push back on ‘poisonous’ mandation in Pension Schemes Bill debate
In a debate last night (20 April), peers voted to reject the government’s revised wording of the reserve power, despite attempts from Labour representatives to reassure opponents about the measures.
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NewsStandard Life buys Aegon in £2bn deal to create retirement savings giant
The combined group will be responsible for approximately £480bn of assets under administration with around 16 million customers, Standard Life announced.
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NewsDelaying consolidation could damage compliance and value for members, TPR warns
The number of non-micro DC and hybrid schemes fell by 15% over the past year, dropping from 920 in 2024 to 790 in 2025, recent data from the regulator has shown.
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NewsHow alts and active management aid Australian pension outperformance
With Australia’s superannuation system repeatedly held up as a model for UK defined contribution pension provision, a new study shows the impact of diversification into private markets and the use of active management models.
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OpinionThe Friday Takeaway: Time to focus on the real bill battle
Having observed first-hand the strength of feeling among members of the House of Lords about the Pension Schemes Bill, Pensions Expert editor Nick Reeve thinks it’s time to shift attention to another aspect of the legislation.
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NewsTPR steps up DC consolidation drive as master trust domination increases
Trustees of DC pension schemes need to keep their arrangements under review and consider consolidating into larger schemes if they are not delivering value, TPR has said.
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NewsMaster trusts should prepare now for scale requirements, TPR says
The regulator set out principles to help trustees evaluate whether their schemes are likely to meet the proposed scale thresholds and how they should evidence future growth.
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NewsSetting the scale test: How the DWP plans to get DC funds to £25bn
The Department for Work and Pensions has set out how it expects master trusts and other DC providers to hit the £25bn scale requirement set out in the Pension Schemes Bill.
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OpinionScale in workplace pensions is good – but not at the expense of innovation
Darren Philp looks ahead to the Pension Schemes Bill’s latest stage in the House of Lords and hopes for a pragmatic approach to the scale test for workplace DC pension schemes.
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FeaturesDC outlook: Scale, value, and adequacy are top of the agenda
With the Pension Schemes Bill set to reshape the defined contribution (DC) landscape over the next decade, Pensions Expert asked experts about the challenges and opportunities awaiting the sector in 2026.
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NewsWTW to acquire Cushon master trust as DC consolidation gathers pace
Cushon and LifeSight will operate separately, serving the mid-market and larger end of the DC universe, respectively, according to WTW.
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NewsSmart acquires Waystone’s £580m master trust in ‘first of wave’
Smart Pension has acquired the WS Stakeholder Pension Scheme, the first time it has taken on a contract-based defined contribution scheme.
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OpinionSuperfunds stepping into the spotlight through Pension Schemes Bill
The Society of Pension Professionals’ David Potts looks into the proposed superfund legislation contained within the Pension Schemes Bill and key considerations for employers, providers, and policymakers.
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NewsTPT names trustee board for run-on superfund
The new superfund will be chaired by Aretas Trustees’ Nadeem Ladha, TPT has announced, along with professional trustees from Law Debenture, Bestrustees, and Capital Cranfield.
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NewsPensions UK outlines feasibility study for small pots consolidation
Pensions UK Annual Conference: A feasibility review of small pots consolidation, overseen by Pensions UK, has found that more than a million pots under £1,000 could be consolidated, while approximately 800,000 pots are unlikely to be consolidated.
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NewsDC schemes should consolidate to support guided retirement aims, TPR says
The Pensions Regulator has once again urged small pension schemes to consolidate to ensure they comply with forthcoming duties related to decumulation contained within the Pension Schemes Bill.