Trustees need to look beyond the immediate compliance challenges of pension reforms to consider wider strategic implications for schemes, according to Hughes Price Walker (HPW), a provider of actuarial, consultancy, investment and administration services.
HPW says that with the Government’s pensions reform programme moving into its implementation phase, trustees need to look at how this will impact governance and member outcomes for the schemes they oversee.
The government’s roadmap on the expected sequencing of measures under the Pension Schemes Act 2026 covers a range of forthcoming changes, including DC value for money, retirement income solutions, small pot consolidation, DB surplus flexibility and historic scheme amendments.
HPW says that while many of the detailed requirements will be introduced through regulations and further guidance over the coming years, trustees should use this period to assess how the changes may affect their schemes and where preparation may be needed.
HPW director Ray Hughes says: “The Government’s roadmap confirms that pension reform is no longer a distant policy debate; it is moving into delivery.
“Trustees will need to understand the specific requirements that apply to their schemes but they should also look at the reforms as a connected programme of change affecting governance, strategy and how schemes continue to deliver good outcomes for members.
“The roadmap provides trustees with greater visibility of the direction and timing of change. This should be seen as an opportunity to step back from individual requirements and consider what the changes collectively mean for their scheme.
“The most effective response will be one that looks beyond compliance and considers how these changes fit within the wider objectives of the scheme. For some schemes this may mean reviewing governance arrangements, while for others it may prompt broader discussions around strategy, member outcomes and long-term sustainability.”
Hughes added: “Major regulatory shifts can create challenges, but they can also create opportunities. The key will be ensuring trustees have the right information, advice and governance framework in place to navigate the changes effectively.
“Schemes that take a proactive approach will be best positioned to respond as the new requirements are implemented and to make the most of the opportunities they create.”
