Key Takeaways
- • The Trump administration issued an August 2025 executive order directing the Department of Labor and SEC to streamline regulations for 401(k) fiduciaries offering alternative assets, requiring DOL to reexamine ERISA fiduciary guidance within 180 days and consider safe harbors to reduce litigation risk.
- • The US and UK governments are pursuing divergent strategies: the US is using regulatory incentives to encourage voluntary alternative allocations in DC plans, while the UK is legislating powers to mandate private market allocations if industry participation remains insufficient.
- • A December 10, 2025 webinar jointly hosted by Corporate Adviser and DCALTA will convene leading private market experts from both jurisdictions to examine fiduciary considerations, implementation approaches, and value delivery of alternatives in DC schemes.
- • Panelists include Anne Lester (Money Mentor), Bob Long (CEO, Stepstone Private Wealth), Mike Ambery (Standard Life retirement and savings director), moderated by Corporate Adviser editor John Greenwood and DCALTA founder Jonathan Epstein.
- • The regulatory divergence reflects fundamentally different policy philosophies: the US emphasizes reducing friction and litigation risk for fiduciaries, while the UK retains direct mandate authority as a backstop to drive private market penetration in defined contribution schemes.
Summary
Both the US and UK governments are actively promoting alternative asset implementation in defined contribution pension schemes, yet they are employing markedly different regulatory approaches that will shape how DC plans access private markets, master trusts, GPPs, and 401(k) vehicles over the coming months.
The US strategy centers on regulatory liberalization. The Trump administration issued an executive order in August 2025 that directs the Department of Labor and Securities and Exchange Commission to facilitate alternative asset offerings within 401(k) plans. The order specifically requires DOL to reexamine its ERISA fiduciary guidance for asset-allocation funds including alternatives within 180 days. Additionally, it instructs DOL to evaluate safe harbors and other mechanisms designed to reduce ERISA litigation risk for plan fiduciaries—a critical concern that has historically discouraged alternatives adoption in DC plans. This approach prioritizes removing regulatory and legal barriers to voluntary participation.
The UK is taking a more prescriptive stance. Rather than relying on incentives alone, UK legislation is establishing powers to mandate private market allocations, including targeted allocations to UK private markets, should industry participants fail to increase exposure voluntarily. This legislative authority serves as a backstop mechanism to ensure private market penetration reaches policy targets.
Corporate Adviser and DCALTA are hosting a webinar on December 10, 2025, at 2pm GMT/9am ET to examine these competing regulatory frameworks. The panel will explore fiduciary considerations specific to each jurisdiction, how alternatives deliver value in DC portfolios, and the practical implementation pathways for plan sponsors. The session will be chaired by John Greenwood, Corporate Adviser editor, in partnership with Jonathan Epstein, DCALTA founder and president. Key panelists include Anne Lester of Money Mentor, Bob Long, CEO of Stepstone Private Wealth, and Mike Ambery, Standard Life's retirement and savings director. The webinar will be essential for institutional investors and plan sponsors evaluating their DC alternatives strategies in light of evolving government policy on both sides of the Atlantic.
The US strategy centers on regulatory liberalization. The Trump administration issued an executive order in August 2025 that directs the Department of Labor and Securities and Exchange Commission to facilitate alternative asset offerings within 401(k) plans. The order specifically requires DOL to reexamine its ERISA fiduciary guidance for asset-allocation funds including alternatives within 180 days. Additionally, it instructs DOL to evaluate safe harbors and other mechanisms designed to reduce ERISA litigation risk for plan fiduciaries—a critical concern that has historically discouraged alternatives adoption in DC plans. This approach prioritizes removing regulatory and legal barriers to voluntary participation.
The UK is taking a more prescriptive stance. Rather than relying on incentives alone, UK legislation is establishing powers to mandate private market allocations, including targeted allocations to UK private markets, should industry participants fail to increase exposure voluntarily. This legislative authority serves as a backstop mechanism to ensure private market penetration reaches policy targets.
Corporate Adviser and DCALTA are hosting a webinar on December 10, 2025, at 2pm GMT/9am ET to examine these competing regulatory frameworks. The panel will explore fiduciary considerations specific to each jurisdiction, how alternatives deliver value in DC portfolios, and the practical implementation pathways for plan sponsors. The session will be chaired by John Greenwood, Corporate Adviser editor, in partnership with Jonathan Epstein, DCALTA founder and president. Key panelists include Anne Lester of Money Mentor, Bob Long, CEO of Stepstone Private Wealth, and Mike Ambery, Standard Life's retirement and savings director. The webinar will be essential for institutional investors and plan sponsors evaluating their DC alternatives strategies in light of evolving government policy on both sides of the Atlantic.
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