July 2026
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This conference assessed next steps for UK pensions services policy, regulation and market development - focusing on practical implications of current reform for schemes, employers, providers, advisers, regulators and savers.
It brought together key stakeholders and policymakers to discuss implementation of the Pension Schemes Act 2026 and the direction of market consolidation and investment policy. Wider questions were also considered, particularly around the adequacy of retirement incomes, levels of participation in pension saving, governance standards, consumer support, and priorities for innovation in provision and delivery.
The discussion took place in the context of the Government-established independent Pensions Commission’s interim report published in May 2026, examining adequacy, coverage and fairness in the system - including the extent to which current contribution levels and participation patterns are sufficient to support long-term retirement outcomes. It also came as the Third State Pension age review considers future pension age arrangements. Delegates assessed next steps for tackling challenges around the savings gap, including support needed for low and middle-income earners and those self-employed, as well as whether behaviours such as early and full pension withdrawals are impacting sustainable outcomes for savers.
Implications of these developments were discussed, particularly for scheme design, regulatory expectations and delivery, as well as the balance between operational requirements, member interests and wider economic policy objectives.
Pension Schemes Act implementation, delivery & system readiness
The agenda examined proposed reform intended to make pensions easier to manage and understand. This included the move towards greater consolidation of schemes, approaches to addressing the build-up of small pots, the introduction of value for money requirements, and changes affecting investment strategy and oversight. Delegates considered implementation timelines, sequencing and transition issues for schemes moving to greater scale, and how these reforms relate to existing Defined Benefit funding rules, Defined Contribution governance requirements and preparations for pensions dashboards.
Further discussion focused on how gaps in operational readiness across the system might be addressed. Approaches to support for trustee capability and practical requirements for employer compliance were assessed, alongside issues around data quality and standards, and preparedness for connection to pensions dashboards. The agenda also examined implications of 2025 Autumn Budget changes for pension saving behaviour and scheme design, including the proposed cap on National Insurance relief through salary sacrifice arrangements and how this may affect employer provision and contribution patterns.
Regulatory oversight, governance & consumer support
Sessions considered priorities for pension regulation, scheme governance and market oversight as expectations continue to evolve around transparency, comparability, data and accountability.
Attendees considered implications of the Financial Conduct Authority and The Pensions Regulator’s Value for Money Framework: Response to consultation, including requirements for benchmarking, reporting and oversight, and what these may mean in practice for trustees, providers and those responsible for scheme governance.
Practical rollout of the FCA’s targeted support framework was also discussed, alongside the boundary between guidance and advice, consumer protection considerations, and integration with pensions dashboards and digital tools. Further discussion considered TPR’s evolving approach to trustee standards and governance, including capability, reporting expectations and the wider question of how consumer support can be strengthened without creating unnecessary complexity or weakening accountability.
Investment in UK assets, consolidation & market development
Further sessions considered the role of pension funds in supporting economic growth, including the policy direction set out in the Chancellor’s Mansion House reforms and broader considerations around investment in UK assets and market consolidation. Delegates assessed implications for the Local Government Pension Scheme and private schemes, including effects on scale - with larger pooled funds and the move towards megafunds - and for competition between providers, governance arrangements and trustee oversight, investment capability and access to a wider range of assets, and ultimately member outcomes.
The agenda also examined concerns raised by some stakeholders about the use of reserve powers in relation to investment in UK private markets, and about the balance between fiduciary duties and wider policy objectives. Discussion focused on safeguards, compliance planning, and options for approaching consolidation and investment reform in a way that supports long-term saver interests while addressing pressures for stronger domestic investment.
Long-term pension system sustainability
In the context of the Pensions Commission’s interim report, the Third State Pension age review, and Pensions UK’s updated Retirement Living Standards raising concerns around retirement income, the conference also considered longer-term questions around adequacy, coverage and sustainability in the pensions system.
Delegates discussed contribution levels, gaps in participation, options for auto-enrolment reform, and what different approaches to state pension age and retirement income policy could mean in practice for individuals, employers, providers and public finances.
Innovation, digital delivery & member engagement
Attendees also considered priorities for supporting innovation in pension provision, including digital pension planning, dashboards integration, the use of artificial intelligence and wider rollout of Collective Defined Contribution schemes. This included practical approaches to digital pension planning, integration with dashboards, and data-driven tools to improve engagement and outcomes in a way that is workable for schemes and trusted by consumers.
Discussion examined cyber resilience, data governance, interoperability and personalised support, alongside approaches to improving engagement and decision-making through digital and data-driven tools.
As well as key stakeholders, those attending included officials from the Department for Work and Pensions; HM Treasury; House of Commons Library; National Audit Office; Office for Investment; the Welsh Government; and The Scottish Government.
