Cali Sullivan and Mark Smith rewrite the 12 Days of Christmas from a pensions perspective...
On the twelfth day of Christmas, the pensions industry gave to me...
Twelve months of progress
It seems each year has been busier than the last in pension policy world. Pensions UK and its members have worked tirelessly through 2025 to help deliver better outcomes for savers. Highlights include lobbying to amend the Pension Schemes Bill, running the industry group for Pensions Commission, setting up and running the APPG on Pensions, the Mansion House Accord, securing more flexibility for the PPF levy and developing an industry led solution to the small pots problem. The year finished on a slightly disappointing note with the announcement of the salary sacrifice cap in the Budget. But, despite the challenges the sector remains committed to championing savers' interests.
Eleven steering members
The Pension Attention campaign has grown from strength to strength, guided by eleven dedicated steering group members. This year's campaign delivered its best results yet, powered by a lively workout-style advert fronted by Ross Kemp and financial expert Bola Sol. In a recent survey, 32% of respondents remembered seeing the campaign, 94% of them took action after seeing it. The award-winning campaign continues to build momentum and help millions better understand their pensions.
Ten years of freedoms
A decade on from Pension Freedoms, flexible drawdown has become increasingly popular. Withdrawals increased by 19.7% in 2023/2024 as more and more people access their pensions before 65. These trends highlight the need for ongoing guidance and support so savers can manage withdrawals sustainably and make informed retirement choices. The inclusion of guided retirement products in the Pension Schemes Bill is a big step forward and one Pensions UK has championed.
Nine years since dashboards
It has been a long nine years since pensions dashboards were first proposed, beginning a long journey toward giving savers a clearer, more connected view of their pension pots. Progress has taken time, with ongoing work across the industry on data quality, connection testing and implementation planning. Pensions UK continues to support the programme and to press for a practical, deliverable rollout so that, when dashboards finally arrive, savers get a tool they can genuinely rely on.
Eight pools are merging
LGPS consolidation continues to gather pace, with funds continuing to transfer assets to what will become six investment pools (from eight) to improve scale and efficiency. Pensions UK recognises potential benefits, including stronger governance, wider investment opportunities, and cost savings, while emphasising transparency and member focus. Across the country, larger pools are helping build more resilient investment structures for savers.
Seven trustees training
Trustee development remains a priority, covering ESG, investment responsibilities, governance, and data quality. Training keeps trustees up to date with evolving regulations and best practice, with all the changes in regulation and policy this year it is important not to fall behind. Pensions UK supports trustee training with workshops, webinars, and practical guidance, helping trustees make informed, responsible decisions for members.
Six months of Pensions UK
Six months on from the rebrand, Pensions UK has hit the ground running with a clear objective – to make our industry, and our system ready for the next decade. We've launched new policy work, published fresh guidance, represented the industry in consultations, and hosted the first annual conference under its new identity. The conference brought the over 1400 together in the sector to discuss the future of pensions, share ideas, and debate the big industry challenges. Pensions UK will continue working closely with members to shape policy, tackle emerging issues, and improve outcomes for savers.
Fiiive acronyms!
This year's conversations have been full of familiar and emerging acronyms, from APPG (All Party Parliamentary Group) activity and the evolution of the PPF levy, to SPA (state pension age) debates, VfM assessments and ongoing work on MDC (multiple default consolidators). Although there is hope to cut through the jargon, these acronyms represent policy themes and topics which have shaped the year and represent the pace of change across the pensions landscape. Pensions UK has been actively involved in each area, helping to bring clarity and champion savers' long-term interests.
Four years of planning
Pensions UK's four-year strategy sets out a path to make the pensions system 2030-ready, focusing on adequacy, engagement, governance, and long-term investment. Work is underway to prepare the industry for what comes next, including updated guidance, policy engagement, and collaboration across the sector. This includes contributions to the pensions and growth agenda, building on the Mansion House Accord, and exploring how long-term capital can support stronger outcomes for savers and the wider economy.
Three living standards
The Retirement Living Standards help savers picture what retirement lifestyles might cost. The June 2025 update shows that the Minimum (£13,400) lifestyle has become slightly cheaper, while Moderate (£31,700) and Comfortable (£43,900) levels have risen modestly to reflect inflation and living costs.
Based on real-life conversations, these Standards reflect how people live today, and regular updates keep them relevant, giving savers a realistic foundation for planning.
Two pensions ministers
With two ministers for pensions this year, Emma Reynolds and Torsten Bell, the industry has worked closely with Government to support stable policymaking for savers and schemes. Torsten Bell has engaged directly with the sector, including speaking at Pensions UK conferences, and has signalled a focus on linking pensions to long-term investment and economic growth. Pensions UK continues to collaborate with ministers and members to shape practical policies that provide stability and confidence for savers.
And a Pensions Bill in Parliament!
The long-awaited Pension Schemes Bill is now progressing through Parliament, updating regulation, strengthening saver protection, and moving toward a more sustainable, future-ready system. Pensions UK has engaged throughout, providing evidence and guidance to ensure the Bill reflects the realities of schemes and savers. The organisation has emphasised clarity, proportionality, and workable implementation, advocating for measures that support good outcomes while keeping the system manageable for trustees and providers.
Cali Sullivan and Mark Smith are elves in Pensions UK's external affairs team
