Pensions Weekly Update – 20 August 2025

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Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information.

Patrick Coyne, Interim Director of Pensions Reform at The Pensions Regulator (TPR), has issued a blog post encouraging trustees of defined contribution (DC) schemes to consider decumulation strategies now. This follows recent research published by the Department for Work and Pensions (DWP) showing that many DC savers are struggling to prepare for retirement. As we highlighted in a previous newsletter, once the relevant parts of the current Pension Schemes Bill come into force, trustees will be required to design and implement one or more default decumulation options for members. Patrick Coyne says that “trustees must rethink their role, not just as stewards of assets, but as enablers of good retirement outcomes. Generic solutions will not cut it. Trustees must consider how different defaults will suit different types of savers. And bring forward plans for simple but tailored support, smarter decumulation strategies, and clearer guidance”. He also encourages trustees to promote Pension Wise and Money Helper more widely in member communications.
Dr. Suzy Morrissey was appointed by the DWP to prepare an independent report for the government to consider ahead of the third review of the state pension age. The report will make recommendations on a framework that the secretary of state can use when considering future state pension age arrangements in light of long-term demographic pressures. Dr Morrissey has issued a call for evidence to help inform the report. She has asked for views from a broad range of organisations, experts and individuals, including those who have an interest in the wider social and economic impacts of an ageing society. The deadline for responses is 24 October 2025.
The Pensions Ombudsman (TPO) has published a warning on its website that some people are receiving scam letters about a failed investment that claims to be from TPO and contains a telephone number that is not TPO’s number. It asks that anyone receiving such a letter should not reply and should report it to InformationManagement@pensions-ombudsman.org.uk and to Action Fraud.
Deborah Evans, the newly appointed chair of TPO has issued a blog post reflecting on her first month in the role and the challenges faced by the organisation.
We are pleased to be shortlisted as one of only three law firms for the LAPF Investment Awards 2025. The award recognises excellence in support and service to the Local Government Pension Scheme.