Ahead of the UK Budget on 28 October, Aptia, a leading provider of pension administration, consultancy and actuarial services, has set out its views on why the Chancellor should take a ‘wait and see’ approach to pensions and avoid additional change in this Parliament.
John Wilson, Aptia’s Head of Pensions Technical, said: ‘The period between 2026 and 2030 is set to be one of the busiest ever for pensions reform, with a myriad regulatory changes already planned, including Dashboards, Inheritance Tax and measures under the latest Pension Schemes Act.
‘Given the scale of what's already on the agenda, many individuals along with the vast majority of industry would welcome a period of stability rather than further reforms in this month's Budget. Even relatively small changes to pension tax reliefs, employer costs, or investment rules can influence trust and confidence, and how much people save for retirement.
‘So, whilst the industry will be watching the Budget closely, it will also be hoping for a period of relative calm.’
Phil Wadsworth, Aptia’s Chief Actuary, said: ‘With the Pensions Commission warning that around 15 million people aren’t saving enough for retirement, the Chancellor will be under pressure to avoid measures that undermine long-term pension saving. The UK has made significant progress through automatic enrolment, but the challenge now is ensuring that people build up adequate retirement income - not just pension pots.
‘With major reforms already underway and new collective defined contribution schemes expected to offer a third-way for pensions from next year, the Chancellor may be better to wait for the findings of the Pensions Commission's forthcoming Future of Retirement report before considering any further significant reforms to the pensions system.’
NOTES TO EDITORS
- Founded to shape the future of pensions, health, and insurance solutions, Aptia is a leading UK pensions consultant and administrator, and employee benefits administrator in the US, and is dedicated to simplifying complexity for businesses and individuals. It brings together cutting-edge technology and deep industry expertise to help organisations navigate an evolving landscape with clarity and confidence.
- Aptia's UK business is the largest third-party private sector pensions administration provider, serving more than 1,600 clients and over three million members. Its clients include trustees, master trusts and insurers, for whom it provides administration and consulting services across both DB and DC pension schemes.
- Aptia has made significant investment in current and emerging technologies, including artificial intelligence, automation and data-driven insights, ensuring it remains at the forefront of digital transformation and innovation within the pensions industry.
- Aptia has a presence in the UK, US, India. Aptia’s strength lies in the combination of smart technology and expert teams, ensuring that managing pensions, health, and insurance is more effective. By focusing on innovation, accessibility, and client success, Aptia helps businesses take care of their people, so they can focus on what they do best.
For more information contact:
Corinne Gladstone, Aptia Head of Corporate Communications & Public Relations.
Email: media.enquiries@aptia-group.com
Sam Emery/ Emma Murphy/ Robbie Lawther/Bruno Aldridge, Quill PR
Email: Aptia@quillpr.com
