by Victoria Jonson
| 18 Jun 2026
This quarter has been a defining one for UK pensions with large-scale changes across the industry. From major new legislation to a renewed focus on adequacy and investment, the direction of travel for pensions is becoming clearer — and we’ve been right at the heart of it.
A landmark moment for pensions reform
The biggest milestone came at the end of April, when the Pension Schemes Bill received Royal Assent, becoming the Pension Schemes Act after nearly nine months in Parliament.
People’s Partnership has been actively involved throughout, from giving written and oral evidence to MPs during the Bill’s committee stage – a chance for members to go through the Bill line by line – to engaging with the Pensions Minister, Torsten Bell MP, parliamentarians and other officials as the legislation progressed.
This act marks a significant shift towards a system built on scale, value and the pursuit of better outcomes. As we’ve consistently said, we believe these reforms will help deliver positive change by creating larger, more efficient schemes that deliver greater value and stronger retirement support.
For employers and those supporting them, this isn’t change overnight, but it does set the direction for the years ahead. The focus now turns to implementation, and ensuring these reforms are delivered in a way that works for our members.
A growing focus on how much people save
Alongside legislative reform, the Pensions Commission’s Interim Report added fresh momentum to the debate on retirement adequacy.
The Commission was set up in 2025 and includes Baroness Jeannie Drake CBE (also a Trustee Director for People’s Pension), Sir Ian Cheshire and Professor Nick Pearce. They have been tasked with exploring “the long-term questions of adequacy and retirement outcomes” and the Report highlights both the challenges and opportunities facing today’s savers. Its conclusions reinforce what many in the industry already recognise:
- People are not saving enough, or not saving for long enough
- The current auto-enrolment framework is excluding too many workers
- The way savings are accessed is impacting long-term outcomes
This isn’t just an academic exercise. Its work is likely to shape future policy decisions.
We’ll be engaging closely as it progresses, and we were proud to see our own research, including New Choices, Big Decisions, referenced multiple times in the report. It’s a clear sign that the work we’re doing is helping to inform the national conversation.
Turning our investment ambitions into reality
Another defining theme this quarter has been productive investment – how pension schemes can play a greater role in supporting long-term domestic growth.
As one of the signatories to the Mansion House Accord, People’s Partnership is focused on delivering the Accord’s ambition of investing 10% of our main default fund into private markets by 2030, including 5% in the UK.
Progress this quarter has been about industry education, addressing specific challenges and exploring future collaboration around deployment. That’s included:
- Working with industry bodies and policymakers to support implementation
- Co-hosting a roundtable with the ScaleUp Institute at the London Stock Exchange to explore pension investment in UK growth assets
- Engaging in discussions around co-investment vehicles that can unlock opportunities in more complex asset classes
These conversations matter because they get to the heart of how to balance strong, long-term returns for members with the opportunity to support wider economic growth.
Strengthening our partnerships and our influence
Having a strong voice in the right places is essential to shaping meaningful change. People’s Partnership were pleased to join TheCityUK, an influential body representing the UK’s financial and professional services industry. This will enable us to contribute more directly to wider economic and policy discussions, ensuring the voice of pensions are heard in that broader financial services debate.
We’ve also continued to share our perspective more broadly, including through industry platforms like the Re-imagining Pensions podcast, hosted by Charlotte Moore and Paul Kitson, where Patrick explored how the Pension Schemes Act will reshape the workplace pensions landscape.
At the same time, our engagement with government has remained consistent and constructive. This included a productive meeting with the Pensions Minister in June, where we discussed the future direction of the industry, alongside ongoing conversations about productive investment.
Backing the UK’s growth story
The link between pensions and economic growth has been a consistent thread throughout the quarter. From supporting the TeamUK campaign, launched by the City of London Corporation, to engaging directly with the Lady Mayor, Dame Susan Langley, industry leaders and policymakers – we’ve been clear about the role pension schemes can play.
The campaign itself is a reminder that “despite the UK’s challenges, it’s a great place for investing and fostering business growth” — a message that aligns closely with the conversations we’re having to explore how pension capital can support the productive investment agenda.
Looking ahead
This has been a busy and significant quarter, and it also signals what’s to come.
With implementation of the Pension Schemes Act now underway, and the Pensions Commission continuing its work, the pensions landscape will keep evolving at pace. Alongside this, we’ll continue to:
- Respond to consultations
- Develop thought leadership and research
- Work with policymakers and partners to shape what comes next
Most importantly, we’ll keep focusing on what all of this means in practice for the members we serve, and for those who support them.