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SPP Paper – Helping Pension Savers Choose: Value for Money (VfM) in action

This thought leadership paper calls for the UK’s emerging Value for Money (VfM) framework to evolve into a practical tool that helps pension savers make better-informed decisions about their retirement savings.

Whilst welcoming the Government’s proposed VfM framework as a major step forward in improving transparency, accountability and standards across the pensions market, the paper argues that the current model is still primarily designed for trustees, regulators and governance bodies rather than the millions of individuals whose retirement outcomes depend on it.

Categories: Guides and Reports,

Tags: FCA, Investments, pension, Pensions, regulation, Savings, SPP, value for money, VfM,

  • 02/06/2026
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SPP Paper – From Lifeboat to Legacy: What Next for the £14bn PPF Reserves?

Although the £14billion in Pension Protection Fund (PPF) reserves represents a significant opportunity, it also carries a responsibility to safeguard the PPF’s core mission. Striking the right balance between prudence and innovation will be critical as policymakers consider how the PPF can evolve from a “lifeboat” into a broader legacy institution for the UK pensions system. This paper explores how this could be achieved.

Categories: Guides and Reports,

Tags: DB, pension, Pension Protection Fund, Pensions, PPF, Reserves, SPP, Surplus,

  • 12/05/2026
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The SPP’s response to the FRC consultation on actuarial standards for CDC Pension Schemes

The SPP supports the overall direction of proposed changes to Technical Actuarial Standard 310 (TAS 310) covering actuarial work for collective defined contribution (CDC) pensions.

However, it is important that the standards remain principles-based and proportionate, allowing actuaries to exercise professional judgement while ensuring that key issues such as cross-subsidies, assumptions and scheme sustainability are clearly communicated.

Categories: Consultations & Formal Responses, Consultations & Publications,

Tags: actuarial, CDC, FRC, pension, Pensions, SPP,

  • 20/03/2026
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The SPP response to the Home Office Consultation on the Police Pension Scheme & CPI

This SPP response sets out its support for aligning the 2015 CARE scheme revaluation date of 1 April, with the start of the tax year (6 April) for the purposes of revaluing active members pensions.

This is because it will align the revaluation date with the tax year, simplify administration, improve consistency between tax and pension calculations, and remove an unnecessary misalignment in the current framework.

However, it will have administrative and communication implications and we therefore recommend its implementation be delayed until 2028/29.

Categories: Consultations & Formal Responses, Consultations & Publications,

Tags: Home Office, pension, Pensions, Police Pension Scheme, Public Sector, public sector pensions, revaluation, SPP,

  • 16/03/2026
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The SPP’s response to the FCA Consultation on ESG ratings: Proposed approach to regulation

This SPP response to the FCA consultation on ESG ratings welcomes their objective of enhancing transparency and providing robust reliable ratings and minimum disclosures for ESG rating providers.

However, the SPP warn of possible practical challenges that will require further consideration including the impact on smaller providers, access to data as well as legal and governance concerns.

Categories: Consultations & Formal Responses, Consultations & Publications,

Tags: environmental, ESG, FCA, governance, pension, Pensions, regulation, social, SPP,

  • 12/03/2026
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The SPP’s response to the DWP consultation on Trust-based pension schemes

This response sets out SPP's views on proposals designed to ensure that trusteeship, governance and administration standards keep pace with the evolving pensions landscape.

The SPP response emphasises that the UK’s current trusteeship framework is working well for the vast majority of members, delivering secure benefits and governance standards that are proportionate to scheme size and complexity.

Categories: Consultations & Formal Responses, Consultations & Publications,

Tags: DWP, governance, pension, Pensions, policy, SPP, trustees,

  • 02/03/2026
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The SPP’s response to TPR’s consultation on extending the collective defined contribution (CDC) code of practice

This response sets out SPP's views on TPR's draft code of practice that will amend the existing CDC code which applies to single and connected employer CDC schemes (‘single-employer CDC schemes’).

Whilst expressing support for TPR’s intention to move towards a single code of practice, the SPP provides a number of comments intended to improve the code of practice and support its effective implementation.

Categories: Consultations & Formal Responses, Consultations & Publications,

Tags: CDC, pension, Pension Schemes, policy, SPP,

  • 12/02/2026
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SPP Paper – From Concept to Practice: A practical guide to CDC pension schemes

The potential of Collective Defined Contribution (CDC) pension schemes is generating widespread interest across the pensions industry.

This SPP paper provides clear, actionable insights on the practicalities of administration, cost management, and governance for CDC schemes, setting out how these can be delivered in a way that makes CDC accessible, resilient, and trustworthy for both employers and savers.

Categories: Guides and Reports,

Tags: CDC, Collective Defined Contribution, pension, Pensions, Retirement CDC, SPP,

  • 15/01/2026
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The SPP’s response to the LGPS “Fit for the future” consultation

The SPP recognises that a sustainable LGPS is in the best interests of scheme members, employers and local taxpayers and so has provided a range of technical comments that should prove helpful in ensuring that government policy intentions are met and that unintended consequences are minimised.

Categories: Consultations & Formal Responses, Consultations & Publications,

Tags: LGPS, local government pension scheme, pension, Pensions, Public Sector, public sector pensions, SPP,

  • 02/01/2026
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