The Pensions Regulator welcomed the UK government’s Pension Schemes Bill, describing it as a “once in a generation” opportunity to strengthen the pensions system and improve retirement outcomes for savers in both defined contribution and defined benefit schemes. The package is positioned to require schemes to focus on delivering value for money, help prevent small and often forgotten pension pots from building up, and guide savers towards suitable retirement products. The regulator also pointed to its support for fewer, larger well-run schemes and welcomed the proposed legislative framework for defined benefit superfunds as an additional option for DB consolidation, alongside the publication of the government’s ‘Workplace Pensions – a roadmap’ strategy. The regulator indicated it will continue working with government and other partners, including on a joint value for money framework being developed by the Financial Conduct Authority, the Department for Work and Pensions and The Pensions Regulator, with further industry consultation expected in due course.
The Pensions Regulator 2025-06-05
UK's The Pensions Regulator welcomes Pension Schemes Bill measures on value for money, small pots and DB superfunds
The Pensions Regulator endorsed the UK government's Pension Schemes Bill as a pivotal opportunity to enhance the pensions system and retirement outcomes. The bill emphasizes value for money, consolidation of pension pots, and supports larger, well-managed schemes, including a framework for defined benefit superfunds. The regulator will collaborate with the Financial Conduct Authority and the Department for Work and Pensions on a joint value for money framework, with further industry consultation anticipated.