The SPP response to the Work & Pensions Select Committee Inquiry into pensions adequacy sets out a series of practical recommendations to help shape the future of workplace pension saving.
Tags: adequacy, Investments, legislation, Pensions, Savings,
In its response, the SPP explains that it supports the Government’s objective of reducing pension fragmentation and unnecessary administration through automatic consolidation. However, it highlights several areas where changes are needed to ensure the reforms work in savers’ interests.
Tags: Consolidation, DC, DC Pensions, pension, Pensions, Small Pot Consolidation, Small Pots,
The SPP's "What’s Next for UK Pensions?" thought leadership paper sets out an ambitious but practical blueprint for the future of UK pensions, offering recommendations to help inform the next phase of Government reform and support the development of a simpler, fairer and more sustainable system
Tags: adequacy, CDC, DB, DC, Decumulation, Guided Retirement, investment, Investments, legislation, pension, Pensions, pensions commission, PPF, retirement, Savings, Scale,
The Society of Pension Professionals (SPP) has backed the Government’s proposed 3.25% fixed rate for Guaranteed Minimum Pension (GMP) revaluation from April 2027, while calling for an end to repeated consultations on what it describes as a routine, formulaic exercise.
The SPP response explains how the final rules must protect savers and pension schemes from unexpected tax charges and unnecessary administrative complexity.
Tags: NMPA, pension, Pension Age, Pensions,
The Society of Pension Professionals (SPP) paper on rethinking pensions policy for the self-employed.
Tags: adequacy, pension, Pensions, Self-Employed, sole traders,
The SPP welcomes proposals from the Pension Protection Fund (PPF) to update the assumptions used for valuations under sections 143 and 179 of the Pensions Act 2004.
However, we have highlighted concerns about the wider implications of changes to the section 179 framework, particularly the introduction of post-retirement increases on eligible pre-1997 PPF compensation. These changes could significantly increase section 179 liabilities and, in turn, lead to substantially higher levies for commercial consolidators, without any corresponding increase in underlying financial risk or reduction in member security.
The SPP has confirmed it supports the Value for Money (VfM) framework proposals and its phased implementation, welcoming measures to ease the initial burden on schemes and providers.
However, the SPP is calling for greater clarity on the framework’s scope, particularly for AVCs, hybrid schemes, single employer trusts and future coverage of non-workplace, decumulation and collective defined contribution (CDC) arrangements.
Tags: Investments, Pensions, Savings, value for money, VfM,
The SPP concludes that contingent assets should not be regarded as second-best substitutes for cash. Properly structured, they can allow trustees and sponsors to share risk more intelligently, combining member protection with sponsor flexibility and commercially sustainable outcomes.
Tags: Accounting, Contingent Assets, covenant, DB Pensions, Funding Code, pension, Pensions, Tax,
The SPP welcomes the government’s ambition to harness scale for Defined Contribution (DC) pension schemes but our response to the DWP discussion paper on key elements of the Scale Policy, warns that an extended regulatory timeline risks creating paralysis in industry planning, stifling innovation, and compressing execution risk as the 2030 deadline approaches.
There are also various areas that require urgent regulatory clarity and greater flexibility, particularly regarding the definition of Common Investment Strategies (CIS) and the measurement of scheme scale.
Tags: 2030, Consolidation, DC, Defined Contribution, pension, Pension Schemes Act 2026, Pensions, Scale,
The SPP welcomes the DWP draft Regulations on surplus flexibilities for DB pension schemes as they provide an appropriate framework for well-funded schemes to release surplus while protecting members. However, we are calling for changes to make the regime more practical, particularly for schemes intending to remain on a long-term run-on basis. The proposed process is geared towards one-off payments and could make regular or phased distributions unnecessarily burdensome.
Tags: DB, DB Pensions, pension, Pensions, Surplus, Surplus Extraction, surplus release,
While supporting the fundamental objective of putting the General Levy on a sustainable footing and ensuring regulatory bodies are properly resourced, our consultation response urges the Government to provide a clear, evidence-based justification for these “disproportionate” rises.
Tags: General Levy, pension, Pension Schemes, Pensions, Pensions Industry, Review,