Perspectives from the Pensions UK Conference

Heroes and highlights: Jill Henderson, Robert Cochran and Sharon Bellingham take an in-depth look at this month’s big event. 
 

Jill Henderson, Head of Strategic Workplace Relationships  

With over 1,400 delegates from across the pensions industry, a diverse line-up of expert speakers, and appearances from current and former Government ministers, the Pensions UK Conference 2025 delivered on every front.  

The atmosphere was buzzing – full of energy, ideas and opportunities. It was the place to connect, exchange insights, and strengthen relationships with clients, EBCs, consultants, prospects, legal professionals, and the wider pensions community. 

Our popular, life-sized Pension Mirror showed attendees how their savings compare to the national average for their age. We also debuted our Pension Powerlift game which uses gamification to encourage people to take action to manage their pensions in a fun and engaging way. 

With conference sessions covering a wide range of topics from decumulation strategies and member engagement to guided retirement solutions and more, the best attended session was Pensions Minister Torsten Bell. (‘When Louis Theroux met Pensions UK brought the event to an entertaining end and came a very close second.) 

While Torsten Bell didn’t reveal any hints about the upcoming Autumn Budget as some had hoped, he talked at length about working in the pensions industry as “a vocation” which struck a chord with many, including me. 

After 27 years in the industry, helping people – especially women, who continue to trail men in pension saving – so that they can save and retire with financial security is something I care about deeply. I’d agree it feels like a vocation. 

While auto-enrolment (AE) has successfully encouraged members to join workplace pension schemes with opt-outs steady at around 10%, people aren’t saving enough. Women, often working part time, and low earners have the worst retirement incomes.  

As one session highlighted, the proposed 2017 AE reforms could have improved that, while several speakers called out that more than 4 in 10 adults in the UK aren’t saving into any pension. 

Even with the loud conference chat around what the Pensions Bill will bring, with scale requirements, scheme consolidation, and the rapid pace of change for implementation, I never lose sight of that. There’s a big adequacy challenge to overcome. 
 

Robert Cochran, innovation specialist, Scottish Widows (above, on stage) 

We need pension heroes, said Torsten Bell. 

We need pension stories, said Louis Theroux. 

Here are my Pensions UK Annual Conference 2025 stories and heroes. 

Hero: Baroness Jeannie Drake – back for Pension Commission round 2 – picking up where the previous one left off.  There was as expected little detail on what the new commission will deliver and while the conference questioned things that sit outside of its remit, the focus was very much on what’s included and how to build on the success of Auto Enrolment. It’s good to see such early Commissioner interaction with the pension community. 

Hero: Damien Jordan of Damien Talks Money talking about the rise of social media as a source of information for people looking for financial guidance and even advice. This was a brilliant session focusing on how the pension industry shows up on social channels. For me, he was speaking to the converted and I loved his assertion that people are smarter than ‘the industry’ thinks they are. With over one million people watching his You Tube channel we can all look on with a bit of envy. That’s pension engagement right there. 

The clear highlight for me and hero #1 was Louis Theroux. He was everything you’d want him to be: so nice, self-deprecating, and witty.   
 

But again, my key take-away from Louis was simple: we need to tell better people stories about pension savers. How do we take the fairy tale classic of leaving the village heading off to seek your fortune in the big wide world and turn that into relatable pension stories? 

So what about those stories? I was lucky enough to be part of a panel event where customer stories were brought to the fore with three films excellently curated by Tom Johnson of Trajectory Partnership.   

They showed people at different life stages talking about how they felt about their finances and their retirement. It neatly illustrated just how diverse people’s situations are – from the Scotsman who hated winter and wanted to buy a Tuscan ‘fixer upper’ to make his retirement more enjoyable, to someone with a mortgage running to age 72.   

These stories illustrated the challenge of default retirement solutions and the film shouted of the need for personalisation. While they didn’t reflect the best, more positive engagement I’ve heard, it’s something I’d like to see more of.  

I’ve come back energised (and knackered), ready to seek out Pension Heroes – everyday savers making smart decisions – and to tell their stories. 

Sharon Bellingham, Master Trust Lead 

The Pensions UK Annual Conference delivered big themes and thought-provoking conversations.  

Whatever your views on mandation, and whether you believe that pension fund investments should do more to support UK economic growth, ‘The Big Debate’ featuring Jo Cumbo and Will Hutton on opposing sides was a real highlight for me.   

The Government’s vision for a more consolidated pension landscape came through loud and clear; fewer, larger schemes designed to deliver better value and stronger outcomes for members.  

This strategic direction is contributing to demand for master trusts; however, some master trust providers are facing mounting pressures of their own. Minimum scale thresholds, tight timelines with clear growth plans and sustainable models sit alongside a substantial list of changes that need to be implemented.  

This creates an interesting tension and raises questions about market capacity. 

• Demand for master trusts will continue to grow as trustees and employers seek scale, efficiency, and improved member outcomes.   
• Provider numbers, however, are expected to contract, driven by market consolidation and the exit of sub-scale players amid an ambitious policy reform agenda. 

We’re already seeing minimum scale requirements influence pricing and behaviour, introducing a challenge as the industry tries to shift the conversation from cost to value.  

Smaller schemes appear to be consolidating at the slowest rate and there remains a question as to whether there is more that the industry and regulators can do to support those who lack the resources and means to make these changes.  

Another recurring theme was the strong funding position of DB schemes, which have reached record highs. This improved resilience, combined with the Government’s ‘Plan for Change,’ is prompting new thinking about how surplus could be used more productively. While surplus sharing will remain subject to trustee agreement and actuarial certification, the changes aim to enable surplus deployment in ways that support better outcomes.   

While moving surplus into DC sections isn’t new, master trusts are emerging as a practical and scalable solution. 

Scottish Widows launched its ‘Master trust to Master Trust transfers made simple’ guide in partnership with Pensions UK at the conference. (Requires member access.)