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Latest news on consolidation
Budget 2026: Government to simplify post-retirement CDC transfers
Legislation promised in the Budget report will make it easier to consolidate the retirement sections of CDC and traditional defined contribution schemes.
Royal Mail transfers £2.5bn DC fund to Legal & General Mastertrust
The arrangement involves almost 100,000 members and is the biggest single transfer to a master trust yet completed in the UK’s defined contribution market.
Regulator gives green light to TPT to launch superfund
TPT has secured investment capital to back between £1bn and £1.5bn worth of transactions, and said it was already in discussions with “a growing number of schemes”.
Superfund sector set to ‘take off’ as Clara onboards six schemes in unique deal
Following four deals announced this year, Clara-Pensions’ assets under management are now in the region of £2.5bn as consultants predict “exponential growth” for the superfund sector.
Arco Group Pension Scheme agrees to transfer to Clara superfund during M&A
Clara and Arco announce landmark agreement
Latest DC opinion
Building blocks: How tokenisation could reshape DC pensions
Louise Farrand, executive director of the DC Investment Forum, explores how blockchain and tokenisation technologies could revolutionise pension scheme investing.
IFS: Which workers should automatic enrolment reforms target?
Raising minimum auto-enrolment contribution rates requires a more nuanced approach and can’t be one-size-fits-all, writes Heidi Karjalainen of the Institute for Fiscal Studies.
Guided retirement: designing pension systems that work with and for human nature
Paul Sweeting of the Institute and Faculty of Actuaries introduces new research that explains why it is critical that the industry works together to get guided retirement solutions right.
Beyond the workplace: Mapping the changing DC pensions market
With the defined contribution sector facing profound changes, the Pensions Policy Institute’s Shantel Okello explains how the organisation’s latest research aims to capture as big a picture of the landscape as possible.
More consolidation news
Scale expectations must be grounded in reality, industry says
The government’s aim to create £25bn defined contribution “megafunds” needs more flexibility and to reflect how assets are invested and governed in practice, according to responses to its latest consultation.
Scale test could ‘paralyse’ industry and hamper innovation, government warned
“Waiting until late 2027 for draft regulations leaves the industry in limbo, threatening to stall vital investment and stifle innovation at a time when providers should be preparing for 2030,” says the SPP’s Chris Austin.
DC consolidation: Four providers hold 70% of assets, study finds
As the government pushes forward with its £25bn scale requirement for DC schemes, new research shows that the sector is already dominated by a small number of providers.
Government pushes back VfM, guided retirement deadlines in ‘roadmap’ shift
Pensions minister Torsten Bell has announced changes to the “sequencing” of pension reforms to support the implementation of developments related to Value for Money, guided retirement, and superfunds.
A blueprint for megafunds: How consolidation will shape the future of DC pensions
The drive towards “fewer, larger pension schemes” being driven by the Pension Schemes Act could boost individual pension pots by up to 20% if executed well, according to new research by WPI Economics and Standard Life.
Torsten Bell on the growth of DC, improving adequacy, and tackling fraud
Addressing delegates at the Pensions Management Institute’s annual conference in London last week, Bell outlined five major trends affecting the pensions sector.
The £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.
Regulator 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.
Pension 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.
Peers 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.
Lords 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.
Standard 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.