Pensions UK sets strategy to get 2030 ready

At this organisation, we have set ourselves a clear objective – to make our industry, and our system ready for the next decade.

To reflect that, we will no longer be known as the Pensions and Lifetime Savings Association.

We will now be known as Pensions UK.

Pensions UK signifies our role as the clear voice advocating for better pensions for savers, schemes, and the industry. We bridge the gap between industry and government amid a critical period shaped by consolidation, investments, and the urgent need for more support for savers. It shows that we are the platform where industry issues are heard and addressed.

Pensions UK recognises the powerful role pensions play in the UK – in people's lives and in the economy.

And while lifetime savings remain an important part of the picture for us, we've seen that the Pension Schemes Bill requires default pension benefit solutions. Pensions UK recognises that what we're truly here for is a better income in retirement – in simple terms, a pension. 

The adoption of this new name marks the start of our campaign to succeed in our objective, with the launch of our strategy for the next five years.

We call this strategy 2030 Ready.

2030 Ready

We might have a new name, but this strategy builds on the incredible work that we already do as the convening voice across all corners of the industry – from schemes and pools, to providers, advisers, and innovators.

At the heart of 2030 Ready are five strategic priorities that set out what we're going to be doing and where we want to be by the end of the decade.

1. Making pensions better: We will continue to shape policy that puts saver outcomes first, across adequacy, consolidation, investment in growth, and how pension savings are used before and during retirement. We'll convene groupings of our members more frequently to help us solve shared problems. And we'll be building a bolder and more confident policy voice.
2. Influencing pensions policy: We already are frequently sought out for our opinions, but we want to be the automatic first choice go-to voice for government and the media—bringing clarity and confidence to the debate, and using evidence to push for progress. 
3. Delivering outstanding value to our members: We are here for you, our members. We need to deliver what you expect from us - better insight, deeper engagement, enhanced access – so we'll be working on a series of initiatives to deliver against this ambition. 
4. Building a great place to work: None of this is possible without the amazing people who work here. We need to develop, train and support them as best we can. So, we'll be modernising our tech, data and skills, so we can be faster, smarter, and better prepared to meet your needs. 
5. Funding our future efficiently: As a not-for-profit, everything we earn is reinvested into the work we do for you, our members, and in trying to make sure we have a system that delivers better pensions. 

Working on these priorities will prepare us and our members for 2030.

The future of pensions

I alluded to a time of change at the beginning. This year alone we've had the conclusion of the Pensions Investment Review, the Pension Schemes Bill and have seen the launch of the Pensions Commission.

Consolidation is accelerating, the economic environment is challenging, and expectations of what retirement should look like are evolving rapidly.

Our sector is being asked to do more, for more people, and under more scrutiny than ever before.

The pensions landscape will look very different in a few years. By 2035, we expect: 

• Master trust assets to grow from £165bn to over £700bn 
• LGPS assets to more than double, reaching around £950bn
• Defined contribution contract-based assets to rise to £600bn 
• The defined benefit (DB) sector to have a split trajectory, with asset run-off, transfers to superfunds and insurer buyouts reducing total assets, at the same time as growth in major DB schemes that remain open. 

At the same time, our savers are facing growing uncertainty: 

• One in five workers are projected to fall short of the minimum of our Retirement Living Standards 
• Around 2.8 million people hold persistent credit card debt 
• Over 3.8 million retirees are worried their money won't last. 

In this context, we have an ambitious set of policy goals that continue our mission to help everyone achieve a better income in retirement, about which you can read more in our 2030 Ready report.

Throughout everything we do, we will continue to stand up for our members and savers and work closely with government to ensure that your views are represented and to shape policy so that it supports the industry.

You will be hearing more from us over the coming weeks and months about 2030 Ready. For now, we are proud to introduce you to Pensions UK.

Julian Mund is chief executive of Pensions UK