On 26 November 2025, industry leaders, trustees and pension professionals gathered to 'think again' around how we navigate the evolving landscape of UK pensions. The event encouraged challenging assumptions about the future of pension schemes, trusteeship, and member engagement. With a mix of thought-provoking presentations and energised debate, the sessions left no doubt that fresh perspectives are needed for what lies ahead in the industry.
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01
Budget update: A live update on the latest news
Glyn quickly dispelled the pre-Budget rumours before focusing on the actual announcements, summarising four non-pension and four pension headlines. He then explored the new cap on salary sacrifice contributions qualifying for NI relief, using a clear comparison table of current savings versus those lost under the cap, and also examined the change to the cash ISA limit for under-65s.
Further reading:
Glyn Bradley presents Budget Update
Shortly after the event, Glyn sat down with Howard Johnson to discuss the key announcements and implications from the Budget.
Join Glyn Bradley, Director, Retirement, and Howard Johnson, Consulting Actuary and podcast host, as they share insights and real-time analysis of the Budget. Stay tuned for the launch of our podcast series in January 2026!
Download the Budget Update slides
| Title | File Type | File Size |
|---|---|---|
| Pensions and Savings Conference 2025: UK Budget Update | .8 MB |
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02
The Next Decade in pensions: What we're not seeing
This opening session set the tone by exploring the macro forces - demographics, AI, climate change, debt and geopolitical shift - that will reshape pensions over the next ten years. Rather than focusing on compliance and regulation, Luba urged attendees to think more expansively and creatively about the future, highlighting the need for strategic foresight and adaptability.
Luba Nikulina (IFM Investors) presenting The Next Decade in pensions: What we're not seeing -
03
Unlearning the Playbook: What members really need
With the popularity of social media, there is a rise in misinformation of key pension matters. As a result, there is a risk that pension savers aren't just passively uninformed, but actively misinformed.
This is a very real issue, and one the FCA is leading the way in cracking down on influencers.
However, employers and pension scheme trustees can take a very active role in addressing this challenge by considering its pension scheme members engagement needs and the best channels. Michelle and Rob set out why it is a great time to rethink your engagement strategy and consider giving your members access to regulated experts to ensure they navigate the information out there correctly.
Further reading:
Michelle Dellow and Rob Callard present Unlearning the Playbook: What members really need -
04
Whose Surplus Is It Anyway? One of the hottest debates of the year
A provocative exploration of surplus ownership in pension schemes. The session raised important questions about who should benefit from surplus funds and why. Rather than offering definitive answers, the session explored the potential range of views and encouraged trustees and stakeholders to reflect on fairness and the scheme's longer-term ambitions.
Helen Griffin, Richard Gunton, Tom Muir and John Flynn discuss Whose Surplus Is It Anyway? One of the hottest debates of the year -
05
The Trustee of the Future: Steward, strategist, or disruptor?
This session examined how the challenges faced by pension schemes today are impacting the nature of trusteeship. Do schemes simply need trustees to act as stewards, ensuring compliance whilst paying agreed benefits and investing the assets? Should they be strategic leaders, working with sponsors to navigate the changing landscape whilst seeking to improve stakeholder outcomes? Or perhaps they need to disrupt – helping to push for innovation and transformation across the wider pensions landscape? The discussion highlighted the skills and mindset needed for trustees to remain effective and relevant.
Martin Bell, Duncan Willsher (Vidett), Kerrie Rowland (GE Aerospace), Nicole Mullock (IGG) discuss The Trustee of the Future: Steward, strategist, or disruptor? -
06
Bigger, Better….or just louder (aka Ready, Steady, Scale) – exploring DC consolidation
As the Government increases focus on encouraging consolidation in the DC pensions market, there remains a very clear argument for both large, consolidated, efficient DC schemes and for well run, single employer schemes that can consider the specific needs of their membership.
Further reading:
- Unlocking key insights from the Pension Schemes Bill 2025 webcast
- Guiding right: do CDCs satisfy Guided Retirement rules?
Edd Collins, Natasha Rodgers, Johnny Stoller, Helen Holman and Stuart Arnold presenting Bigger, Better….or just louder – exploring DC consolidation -
07
Superfunds: Only for the minority? An evolving landscape with leading voices
This session examined the evolving superfund market through a panel discussion. With superfunds expected to have a permanent regulatory regime by 2028 and new entrants anticipated, we explored how these commercial consolidators can operate alongside the long-established insurance route. We considered whether, under changes to the Pensions Schemes Bill, schemes targeting superfunds remain a distinct group or whether the boundaries with insurance are now blurred and overlap exists, potentially making superfunds a viable option for more schemes. The session highlighted how choice was positive but increasingly complex to navigate as these markets risk competing for similar schemes.
Simon True (Clara), John Towner (L&G), Fiona James (The Pensions Regulator), Bina Mistry and Gemma Millington discuss Superfunds: Only for the minority? An evolving landscape with leading voices -
08
One Thing I Changed My Mind About. Fast-paced closing reflections to leave you inspired
In a refreshingly honest and personal session, four speakers shared beliefs they had reconsidered over the past year. From governance to member outcomes, each story illustrated the value of reflection and the courage to change one's mind. It was a powerful reminder that growth often begins with questioning our own assumptions.
Further reading:
- Beware of DB pension risk blind spots – What gets measured gets managed
- Get real: The risks of being paid (exactly) your pension
- Artificial intelligence and pensions: Cyber risk
Adam Boyes, Hannah Brocklesby, Sophie Tennison, Robert Tickell (IBM) discuss One Thing I Changed My Mind About. Fast-paced closing reflections to leave you inspired
