March Pensions Bulletin 2025
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Defined Contribution & Trustee Training
First Actuarial have places available on their Defined Contribution training day that takes place on Thursday 27 March 2025 at First Actuarial’s office at 6 Snow Hill, London EC1A 2AY.
It starts at 9.30am and finishes at 4.00pm, with lunch provided. And like all First Actuarial’s training courses, it is free of charge.
There is also a course in Manchester on Wednesday 21 May 2025 at Mercure Manchester Piccadilly Hotel, Portland Street, Manchester M1 4PH. It also starts at 9.30am and finishes at 4.00pm.
Both courses will help you comply with legislation and explain complex issues in simple ways.
You can book your place here
There are also spaces available on their Introduction to Trusteeship training sessions on the dates below. The course is designed for newly appointed trustees but can also act as a useful refresher for existing trustees who wish to update and develop their knowledge. Follow the links provided to book a place:
- Wednesday 5 March 2025 | 9:30am to 12:30pm. This is a half-day interactive webinar. Find out more and book your place.
- Thursday 26 June 2025 | 10:30am to 2:30pm. This is a half-day in-person training session in London. Find out more and book your place.
- Thursday 16 October 2025 | 9:30am to 12:30pm. This is a half-day interactive webinar. Find out more and book your place.
Don’t Get Scammed
According to Action Fraud a mammoth £17.7 million was reported as lost to pension fraud in 2023, with the average loss being almost £47,000. The FCA estimates that fewer than one in five scams is actually reported and that scams will continue to rise as AI develops.
The Pensions Regulator (TPR) has outlined how it is fighting pension scams, highlighting:
- The FCA’s ScamSmart campaign and the recent Eastenders storyline, which has educated millions of savers about pensions scams
- A pledge to combat pension scams
- Leadership of the Pension Scams Action group (PSAG), a multi-agency team that includes government, the police and the pensions industry.
TPR is encouraging members and schemes to report suspicions of fraud to Action Fraud. Reports of suspected fraud are particularly valuable when they come from the pensions industry as they allow scams to be identified and disrupted at an earlier stage. Further information can be found here.
State Pension Increase
Pensioners will receive an additional 4.1% per annum through the state pension starting in April 2025, thanks to the government’s ‘triple lock’ policy.
The triple lock, which this government has committed to maintain, ensures that the state pension increases each April based on the highest of:
- The Consumer Prices Index (CPI) in September of the previous year
- The average wage growth across the UK of the previous year
- A minimum increase of 2.5%
Employment data released in October showed earnings to be 4.1%. This figure, being the highest of the three, will be applied to the state pension in April 2025.
The state pension will therefore change as follows:
- From £221.20 to £230.30 per week for the full new flat-rate state pension (for those who reached state pension age after April 2016)
- From £169.50 to £176.45 per week for the full old basic state pension (for those who reached state pension age before April 2016)
The Concerns of Gen Z
The Pensions Policy Institute (PPI) has published a report on the unique financial challenges facing Gen Z (those born between 1997 and 2012).
The PPI research looks at four young working people in a range of professional roles. It considers how various factors – their early adulthood experiences, financial priorities in their late 20s and early 30s, mid-career progression and family life – might affect their retirement.
Key conclusions include:
- Housing costs and student loans significantly affect the ability of Gen Z to save, notwithstanding auto-enrolment
- Irregular employment creates gaps in pension savings and disconnected pension pots
- Delays in marriage and parenthood may reduce financial pressures in the short term but concentrate them in later life, when there is less time to adjust retirement planning
- Digital media, such as TikTok and Instagram, is the primary source of financial information, but this unregulated guidance can risk poor decision-making.