We invite you to explore the latest issue of Trusted, featuring highlights from our Spring Conference, insights into trustee board effectiveness and the 'member voice', practical guidance on creating a future-ready ESOG, and strategies for navigating DB surpluses and the post-transaction de-risking journey.
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John Flynn, Co-Chair of the AMNT launches a ‘manifesto’ on behalf of member nominated trustees.
John Flynn, Co-Chair of the AMNT launches a ‘manifesto’ on behalf of member nominated trustees.
In the world of pensions you can’t leave things to chance. For example, without actively engaging in where our DC pensions are invested our pots may well be smaller. But, sometimes, chance does intervene, and so it was with me becoming a Member Nominated Trustee (MNT).
In the world of pensions you can’t leave things to chance. For example, without actively engaging in where our DC pensions are invested our pots may well be smaller. But, sometimes, chance does intervene, and so it was with me becoming a Member Nominated Trustee (MNT).
If you’re a sports lover, you’ll appreciate how ‘the Third Man’ in football or cricket is crucial to securing a win. I’d suggest MNTs are Pension Trustee Board’s ‘Third Man’ or rather ‘Third Voice’.
If you’re a sports lover, you’ll appreciate how ‘the Third Man’ in football or cricket is crucial to securing a win. I’d suggest MNTs are Pension Trustee Board’s ‘Third Man’ or rather ‘Third Voice’.
The history of trusteeship in general can be traced back to the medieval crusaders, who left behind their wives and their other property to be looked after by a nominated steward.
The history of trusteeship in general can be traced back to the medieval crusaders, who left behind their wives and their other property to be looked after by a nominated steward.
Often when asked to look forwards I find myself looking backwards, seeking guidance in the precedent of the past. Three obols a day was the going rate for a juror in ancient Athens, a tidy daily sum for those too old to labour in the Mediterranean sun. Yet those small coins were not the only reward received, as the aged Philocleon makes clear in Aristophanes’ Wasps, when he asks whether there is any creature alive that is happier or more fortunate than a juror. Satire aside, the value of wider participation in matters of civic oversight was well recognised in Athens and, importantly, that participation was open to those outside of the ruling classes.
Often when asked to look forwards I find myself looking backwards, seeking guidance in the precedent of the past. Three obols a day was the going rate for a juror in ancient Athens, a tidy daily sum for those too old to labour in the Mediterranean sun. Yet those small coins were not the only reward received, as the aged Philocleon makes clear in Aristophanes’ Wasps, when he asks whether there is any creature alive that is happier or more fortunate than a juror. Satire aside, the value of wider participation in matters of civic oversight was well recognised in Athens and, importantly, that participation was open to those outside of the ruling classes.
Often when asked to look forwards I find myself looking backwards, seeking guidance in the precedent of the past.
Often when asked to look forwards I find myself looking backwards, seeking guidance in the precedent of the past.
"The Association of Member Nominated Trustees (AMNT) supports TPR’s ambition to act earlier, intervene proportionately and base enforcement on the risk and harm to scheme members. However, we have several key concerns and provided recommendations to ensure the strategy is effective, balanced and fair across all scheme types" said AMNT committee member Lewis Brown.
The AMNT’s Co-Chairs, Maggie Rodger and John Flynn, say the failure to index pre-1997 service is causing ‘significant angst’
Would you like fast, practical insight on how to approach valuations under the new funding regime? Howard speaks to WTW valuation and covenant specialists Billy Weir and Helena Mules about the key features of the framework and the lessons emerging from early cases, to help trustees and sponsors prepare for their next valuation.
Would you like fast, practical insight on how to approach valuations under the new funding regime? Howard speaks to WTW valuation and covenant specialists Billy Weir and Helena Mules about the key features of the framework and the lessons emerging from early cases, to help trustees and sponsors prepare for their next valuation.
A captivating podcast that explores pension perspectives and the trends shaping the future of our industry.
A captivating podcast that explores pension perspectives and the trends shaping the future of our industry.
Across the industry, reviewing endgame strategy and use of surplus is a high priority. In this article, we highlight the key findings from our Endgame Report 2026.
Across the industry, reviewing endgame strategy and use of surplus is a high priority. In this article, we highlight the key findings from our Endgame Report 2026.
WTW’s Endgame Report 2026 covers survey responses from trustees and corporate sponsors of UK defined benefit (DB) pension schemes on their views on endgame options and the use of surplus.
WTW’s Endgame Report 2026 covers survey responses from trustees and corporate sponsors of UK defined benefit (DB) pension schemes on their views on endgame options and the use of surplus.
...A safe and robust approach to run-on
...A safe and robust approach to run-on
Analysis of 21 UK fiduciary management growth portfolios
Analysis of 21 UK fiduciary management growth portfolios
Digital finance is only in its infancy and we expect the market to rapidly develop from here, but not necessarily in the way many might expect. If you are baffled by the jargon and unconvinced by the rationale for digital assets but are curious as to what has driven the growth of this market to such heights and where it might go next, this series is for you. In part one of our guide to digital assets, we delve into blockchain and how it can transform finance through faster, cheaper transactions.
Digital finance is only in its infancy and we expect the market to rapidly develop from here, but not necessarily in the way many might expect. If you are baffled by the jargon and unconvinced by the rationale for digital assets but are curious as to what has driven the growth of this market to such heights and where it might go next, this series is for you. In part one of our guide to digital assets, we delve into blockchain and how it can transform finance through faster, cheaper transactions.
Latest buyin/out Pension Risk transfer update on pricing
Latest buyin/out Pension Risk transfer update on pricing
Welcome to our latest edition of LCP's quarterly DC update Inside you will find LCP's views on key developments in the DC arena during the last three months, together with actions to help you going forward.
Welcome to our latest edition of LCP's quarterly DC update Inside you will find LCP's views on key developments in the DC arena during the last three months, together with actions to help you going forward.
Our annual Accounting for Pensions report presents a concise analysis of the pensions facts, figures and trends revealed by FTSE100 companies reporting in 2025. Whilst it sounds like a corporate rather than trustee document, Trustees need to be aware of some of the potential issues from the sponsor perspective.
Our annual Accounting for Pensions report presents a concise analysis of the pensions facts, figures and trends revealed by FTSE100 companies reporting in 2025. Whilst it sounds like a corporate rather than trustee document, Trustees need to be aware of some of the potential issues from the sponsor perspective.
Employees at medium-sized businesses are confident about their retirement prospects. But Barnett Waddingham’s latest research suggests many may not be taking the steps needed to turn that confidence into better outcomes.
Employees at medium-sized businesses are confident about their retirement prospects. But Barnett Waddingham’s latest research suggests many may not be taking the steps needed to turn that confidence into better outcomes.
As more pension schemes enter their endgame, defined benefit (DB) superfunds are emerging as a compelling alternative to traditional bulk annuity insurance transactions. In his latest blog, Principal and Senior Consulting Actuary Jack Sharman explores two key questions - how big is the potential market opportunity, and how will a ‘mature’ superfund market operate alongside established bulk annuity providers?
As more pension schemes enter their endgame, defined benefit (DB) superfunds are emerging as a compelling alternative to traditional bulk annuity insurance transactions. In his latest blog, Principal and Senior Consulting Actuary Jack Sharman explores two key questions - how big is the potential market opportunity, and how will a ‘mature’ superfund market operate alongside established bulk annuity providers?
In the 2026 edition of their long-running Independent Trustee (IT) survey, Barnett Waddingham take a deep dive into the sentiment around value for money and satisfaction with ITs from across the pensions landscape. With nearly 300 responses, the survey captures the current mindset of those working directly with ITs, including member-nominated trustees, employer-nominated trustees, company representatives and pension managers, from a range of different sized schemes.
In the 2026 edition of their long-running Independent Trustee (IT) survey, Barnett Waddingham take a deep dive into the sentiment around value for money and satisfaction with ITs from across the pensions landscape. With nearly 300 responses, the survey captures the current mindset of those working directly with ITs, including member-nominated trustees, employer-nominated trustees, company representatives and pension managers, from a range of different sized schemes.
What if insurers could do more to speed up the path to buy-out? That was the focus of Just’s recent webinar, Reimagining the data journey: an insurer-led approach, where we explored how new models for data cleanse and GMP equalisation (GMPe) could unlock faster, more certain outcomes for trustees and sponsors.
What if insurers could do more to speed up the path to buy-out? That was the focus of Just’s recent webinar, Reimagining the data journey: an insurer-led approach, where we explored how new models for data cleanse and GMP equalisation (GMPe) could unlock faster, more certain outcomes for trustees and sponsors.
The latest edition of Catalyst, Barnett Waddingham’s technical update for DC trustees, focusses on the theme of preparation – and the widening gap between those who are ready for change and those who aren't. Outlining what regulators are doing to help trustees, employers and sponsors deliver better outcomes for their pension scheme members, while also covering where schemes are falling short of standards, the overarching message to trustees is clear - readiness matters.
The latest edition of Catalyst, Barnett Waddingham’s technical update for DC trustees, focusses on the theme of preparation – and the widening gap between those who are ready for change and those who aren't. Outlining what regulators are doing to help trustees, employers and sponsors deliver better outcomes for their pension scheme members, while also covering where schemes are falling short of standards, the overarching message to trustees is clear - readiness matters.
With many more schemes being in a position to look at buying out their pension scheme liabilities, trustees are now starting to think past the transaction date. How can they ensure that the correct members have the correct benefits? How can they effectively wind-up their scheme to make sure that they and their sponsoring employer have securely offloaded their future risk?
With many more schemes being in a position to look at buying out their pension scheme liabilities, trustees are now starting to think past the transaction date. How can they ensure that the correct members have the correct benefits? How can they effectively wind-up their scheme to make sure that they and their sponsoring employer have securely offloaded their future risk?
Discover the latest insights from Barnett Waddingham’s DB pensions experts as they explore currentdevelopments in the DB endgame landscape, and the implications for trustees and employers.Bringing 2025 to a close, this update provides expert insights into the latest superfund developments, recentbulk annuity pricing, and post-transaction activities, and showcases how BW can help you with your own endgame planning.
Discover the latest insights from Barnett Waddingham’s DB pensions experts as they explore currentdevelopments in the DB endgame landscape, and the implications for trustees and employers.Bringing 2025 to a close, this update provides expert insights into the latest superfund developments, recentbulk annuity pricing, and post-transaction activities, and showcases how BW can help you with your own endgame planning.
2025 was another busy year for the defined benefit (DB) de-risking market, with transaction volumes expected to be around £40bn. What stood out this year was the unprecedented volume of smaller deals—we are expecting a record circa 350 transactions to have completed—with Just at the heart of this activity.
2025 was another busy year for the defined benefit (DB) de-risking market, with transaction volumes expected to be around £40bn. What stood out this year was the unprecedented volume of smaller deals—we are expecting a record circa 350 transactions to have completed—with Just at the heart of this activity.
Recorded the morning after the Chancellor's announcement, our expert-led panel have unpacked the key outcomes and implications of the government's 2025 Autumn Budget.
Recorded the morning after the Chancellor's announcement, our expert-led panel have unpacked the key outcomes and implications of the government's 2025 Autumn Budget.
How innovation in DC and the arrival of CDC schemes could reshape the future of pensions, and what it means for your savers
How innovation in DC and the arrival of CDC schemes could reshape the future of pensions, and what it means for your savers
We are pleased to share the highlights from our 2025 Russell Investments Virtual Summit. In addition, please read our CEO’s latest blog that highlights how the outdated 401(k) system fails to support Gen Z's dynamic career paths and emphasises the need for portable, automatic retirement savings to ensure financial stability.
We are pleased to share the highlights from our 2025 Russell Investments Virtual Summit. In addition, please read our CEO’s latest blog that highlights how the outdated 401(k) system fails to support Gen Z's dynamic career paths and emphasises the need for portable, automatic retirement savings to ensure financial stability.
Our 2024 Global Climate Report
Our 2024 Global Climate Report
Our 2024 Investment Stewardship Report
Our 2024 Investment Stewardship Report
On 29 May the government published its response to the Options for DB Schemes consultation, laying out their policy intentions for DB surplus as they seek to boost investment and benefit scheme members. TPR is also due to publish new endgame guidance for DB schemes shortly.
On 29 May the government published its response to the Options for DB Schemes consultation, laying out their policy intentions for DB surplus as they seek to boost investment and benefit scheme members. TPR is also due to publish new endgame guidance for DB schemes shortly.
This webinar, led by LCP experts Lydia Fearn, Stephen Budge, and Steve Webb, focuses on the recently published Pension Schemes Bill and its implications for defined contribution (DC) savers, employers, trustees, and the DC industry.
This webinar, led by LCP experts Lydia Fearn, Stephen Budge, and Steve Webb, focuses on the recently published Pension Schemes Bill and its implications for defined contribution (DC) savers, employers, trustees, and the DC industry.
Contingent funding approaches are evolving to support the latest pensions developments including the changes on access to scheme surpluses.
Contingent funding approaches are evolving to support the latest pensions developments including the changes on access to scheme surpluses.
Outlook for 2024 – the year has got off to a less frenetic start than in 2023, but insurers are reporting record pipelines, with 20 or m£1bn+ transactions in the market or expected to be shortly. Total activity will depend on how many of these proceed this year – particularly the larger £5bn+ transactions – in the light of an expanding range of endgame options, run-on strategies and greater emphasis on preparation.
Outlook for 2024 – the year has got off to a less frenetic start than in 2023, but insurers are reporting record pipelines, with 20 or m£1bn+ transactions in the market or expected to be shortly. Total activity will depend on how many of these proceed this year – particularly the larger £5bn+ transactions – in the light of an expanding range of endgame options, run-on strategies and greater emphasis on preparation.
Gain a valuable overview of the various types of cyber attacks, the motivations behind them and the preventive measures you can take to mitigate cyber risks.
Gain a valuable overview of the various types of cyber attacks, the motivations behind them and the preventive measures you can take to mitigate cyber risks.
Explore the various options available to DB and DC post Mansion House
Explore the various options available to DB and DC post Mansion House
UK pension funds face a structural choice this decade. In one future, climate and health shocks in emerging markets (EMs) continue to intensify, driving repeated global disruptions that erode portfolio growth and value. In the other, targeted resilience investments reduce those shocks and act as a macro hedge for long-term asset owners. The difference between these worlds could materially affect pension-fund returns over the next 10–20 years.
UK pension funds face a structural choice this decade. In one future, climate and health shocks in emerging markets (EMs) continue to intensify, driving repeated global disruptions that erode portfolio growth and value. In the other, targeted resilience investments reduce those shocks and act as a macro hedge for long-term asset owners. The difference between these worlds could materially affect pension-fund returns over the next 10–20 years.
A new report from Accounting for Sustainability (A4S) shows full market adoption of a unified sustainability framework across the bulk purchase annuity sector, strengthening the integration of sustainability into decision making.
A new report from Accounting for Sustainability (A4S) shows full market adoption of a unified sustainability framework across the bulk purchase annuity sector, strengthening the integration of sustainability into decision making.
A new trial to boost Pension Credit take up is underway after analysis showed significant regional disparities in pensioners claiming the benefit, which can be worth over £100 a week.
A new trial to boost Pension Credit take up is underway after analysis showed significant regional disparities in pensioners claiming the benefit, which can be worth over £100 a week.
INDEPENDENT TAILORED TRAINING TO HELP ASSET OWNERS EMBED ESG, SUSTAINABILITY AND IMPACT INVESTMENT INTO THEIR STRATEGIES.
INDEPENDENT TAILORED TRAINING TO HELP ASSET OWNERS EMBED ESG, SUSTAINABILITY AND IMPACT INVESTMENT INTO THEIR STRATEGIES.
The Trustee toolkit is a free, online learning programme from The Pensions Regulator aimed at trustees of occupational pension schemes. The Trustee toolkit includes a series of online learning modules and downloadable resources developed to help you meet the minimum level of knowledge and understanding introduced in the Pensions Act 2004.
Independent tailored training to help asset owners embed ESG, sustainability and impact investment into their strategies
Since 2017, P4P have run many in-person and online training sessions for trustees and pension committees. Their programme covers essential topics ranging from an introduction to impact investment and how to put it into action, to measuring and monitoring impact. Their facilitated sessions can also equip asset owners with the tools to prioritise their ESG beliefs, strategically guiding them toward an investment approach more closely aligned to the United Nations sustainable development goals.
(for everyone involved in running pension schemes)
Stay Ahead in the World of Pensions!
Are you a pension scheme trustee — or involved in running a scheme? The Pensions Regulator expects you to have the right skills and knowledge to lead with confidence. But in pensions, the learning never stops. New challenges, fresh regulations, and evolving best practices mean there’s always more to discover.
Don’t just keep up — get ahead
Aon's brochure is your gateway to a suite of engaging, interactive training courses. Whether you want to boost your practical skills or deepen your understanding of the regulatory landscape, Aon have something tailored for you.
