Key Takeaways
- • XPS Group launched a funding and investment strategy companion guide for UK defined benefit pension scheme trustees and sponsors, produced in response to new funding and investment strategy regulations that XPS described as the biggest change for UK pension schemes in a generation.
- • XPS's fiduciary management oversight team onboarded two Holcim pension schemes with combined assets exceeding £2bn, marking its 100th FM oversight mandate.
- • The London Borough of Hackney pension fund selected Local Pensions Partnership Administration (LPPA) as its pension administration provider, LPPA's 19th pension administration client; LPPA now administers for more than 2,100 employers and 700,000 LGPS, police and firefighter pension members.
- • Legal & General launched L&G Apply, a digital annuity application process expected to be broadly available in the second half of 2025, saving intermediaries up to 14 days per intermediated application, after reporting a 48 per cent rise in retail annuity sales to a record £2.1bn for 2024.
- • Standard Life completed the transfer of the Caravan and Motorhome Club pension scheme, moving over 1,100 members into the Standard Life Flexible Retirement Plan.
Summary
XPS Group has launched a practical guide to help pension scheme trustees and sponsors understand and respond to new funding and investment strategy regulations. The 'Companion' was produced in response to these regulations, which XPS said represent the biggest change for UK pension schemes for a generation and will significantly affect almost all defined benefit (DB) schemes. The guide covers long-term strategy, covenant considerations, investments, funding and journey planning, and includes guidance on fast-track versus bespoke valuations.
In a separate development, XPS's fiduciary management (FM) oversight team onboarded two Holcim pension schemes, marking its 100th FM oversight mandate. The Holcim schemes, with assets totalling over £2bn, appointed XPS after a rigorous selection process managed by Law Debenture and Muse Advisory.
The London Borough of Hackney pension fund (HPF), part of the local government pension scheme (LGPS), will become the 19th pension administration client to partner with the Local Pensions Partnership Administration (LPPA). HPF began reviewing its third-party pension administration in summer 2024, asking LPPA and other administrators to submit proposals on services, values and member experience plans. After scoring all proposals, HPF awarded LPPA the pension administration shared service contract. LPPA now provides administration services to more than 2,100 employers and 700,000 members across LGPS, police and firefighter pension schemes.
Legal & General launched 'L&G Apply', a digital annuity application process to be piloted with select firms and expected to be more broadly available in the second half of 2025. The tool is designed to save intermediaries up to 14 days on each intermediated or advised application. The launch coincided with L&G's announcement of a 48 per cent surge in retail annuity sales, totalling a record £2.1bn for 2024. L&G retail retirement distribution director Cecilia Furner said the system was "set to revolutionise" the intermediary annuity experience.
Standard Life completed the transition of the Caravan and Motorhome Club pension scheme, moving over 1,100 members to a new contract-based arrangement, the Standard Life Flexible Retirement Plan. Foster Denovo Secondsight advised on a competitive request for proposal process that included an on-site visit to Standard Life's Edinburgh head office. Caravan and Motorhome Club pensions manager Sarah Reynolds said the implementation "went extremely smoothly" thanks to the wrap-around support provided.
In a separate development, XPS's fiduciary management (FM) oversight team onboarded two Holcim pension schemes, marking its 100th FM oversight mandate. The Holcim schemes, with assets totalling over £2bn, appointed XPS after a rigorous selection process managed by Law Debenture and Muse Advisory.
The London Borough of Hackney pension fund (HPF), part of the local government pension scheme (LGPS), will become the 19th pension administration client to partner with the Local Pensions Partnership Administration (LPPA). HPF began reviewing its third-party pension administration in summer 2024, asking LPPA and other administrators to submit proposals on services, values and member experience plans. After scoring all proposals, HPF awarded LPPA the pension administration shared service contract. LPPA now provides administration services to more than 2,100 employers and 700,000 members across LGPS, police and firefighter pension schemes.
Legal & General launched 'L&G Apply', a digital annuity application process to be piloted with select firms and expected to be more broadly available in the second half of 2025. The tool is designed to save intermediaries up to 14 days on each intermediated or advised application. The launch coincided with L&G's announcement of a 48 per cent surge in retail annuity sales, totalling a record £2.1bn for 2024. L&G retail retirement distribution director Cecilia Furner said the system was "set to revolutionise" the intermediary annuity experience.
Standard Life completed the transition of the Caravan and Motorhome Club pension scheme, moving over 1,100 members to a new contract-based arrangement, the Standard Life Flexible Retirement Plan. Foster Denovo Secondsight advised on a competitive request for proposal process that included an on-site visit to Standard Life's Edinburgh head office. Caravan and Motorhome Club pensions manager Sarah Reynolds said the implementation "went extremely smoothly" thanks to the wrap-around support provided.
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