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The implications of U.S. tariffs on U.K. pensions

May 29, 2025

Global uncertainty has increased significantly since President Trump began his second non-consecutive term in January. This reached a crescendo in early April as the world reacted to President Trump's "Liberation Day," which introduced a new wave of tariff plans. The next day, global equity markets experienced significant declines, marking the worst single-day performance since the COVID-19 pandemic. Since then, market volatility has continued despite a 90-day pause on most tariffs.

How are U.S. tariffs impacting U.K. pensions?

We hosted a panel discussion to explore this important question. By watching this webcast, you will gain a deeper understanding of the implications of these tariffs, providing you with the tools to help navigate this volatile market. Topics discussed include:

  • Tariff reactions: Responses to tariffs from a geopolitical and market perspective, and how they impact our market outlook
  • U.K. defined benefit (DB) and defined contribution (DC) pensions: Insights on how U.K. DB and DC pensions investors should react to the uncertain macroeconomic environment and potential implications for long-term strategy
  • Asset management: How we are considering tariffs when managing and advising on assets for our clients
  • Funding: Changes we are seeing in funding positions and considerations going forward

To watch this webcast, complete the form on the right-hand side of this page or below if you're on a mobile device.

If you have any further questions, please get in touch with a member of our team using the contact details below.

Speakers

Lisa Egan

Lisa Egan

Senior Director, Investments

Photo of David Hoile

David Hoile

Senior Director, Global Head of Economics and Capital Markets Research, WTW

Photo of Andrew Long

Andrew Long

Managing Director, Retirement

Photo of Alasdair Macdonald

Alasdair Macdonald

Head of Investment Strategy

Chris Mansi, Chief Investment Officer, Europe and International

Chris Mansi

Chief Investment Officer, Europe and International

Rebecca Sherlock

Rebecca Sherlock

Head of DC Proposition, U.K.

Complete the form to access our webcast replay