Key reforms transforming defined contribution pensions in 2025

In 2025, defined contribution pension schemes are set to undergo significant transformations driven by government-led initiatives and regulatory changes. The Government’s Pensions Investment Review is expected to drive further consolidation within the industry and encourage investment in UK productive assets. Additionally, the implementation of the Value for Money framework by The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) aims to shift the focus from cost to value, prioritising member outcomes over simple charge levels. The FCA’s Advice Guidance Boundary Review seeks...