Always a Pensions Angle

The day after the Budget, we’re picking through what the Chancellor said and, just as importantly, what he didn’t. With no big surprises and barely a flicker from the gilt market, was this a deliberately dull Budget designed to avoid another 2022? Nick and Tom look at why that mini-Budget still casts such a long shadow, and why some of the less glamorous measures, like the changes to business rates for high street businesses, may matter more than they first appear.Then it’s on to the pensions detail. We unpack the decision to keep the state pension tax-free for this Parliament, and whether it’s a genuine fix or a can kicked down the road that becomes the next triple lock. We also cover the Mineworkers’ Pension Scheme surplus and the frustration among trustees, the tweaks to CDC and guided retirement, LGPS pooling relief, and the OBR forecasts, where small changes in assumptions mean tens of billions of pounds.

In this budget preview special, which doubles as the podcast’s first birthday, Nick and Tom speculate on what Chancellor John Healey might deliver after an unusually quiet run-up with none of last year’s kite-flying, weighing the odds of incremental pension measures such as investment incentives, a personal allowance tweak to keep the state pension tax-free, and a terminal illness review. They also react to the Treasury’s Green Book reform announcement, which landed just as they recorded, and ask whether the OBR will leak again and whether the speech will outlast the podcast.

Nick returns from his honeymoon (and an unplanned Sky Sports cameo) as Tom and Nick report back from the Pensions UK annual conference in Liverpool, where pensions minister Torsten Bell framed the proposed triple lock changes as part of a wider push to restore trust in the system. Also on the agenda: Bell’s relaxed response to fears of “herding” in value for money, what Australia’s pensions journey can teach the UK, and a Pensions UK white paper concluding that the LGPS doesn’t need a restructure.

In this special edition, Tom is joined by Brian Gielty, Editor-in-Chief of LAPF Investments Magazine, to run through the latest issue of the magazine, from a cover interview with London CIV’s Dean Bowden, to taking a closer look at the new independent person role.They also cover the latest from the Scheme Advisory Board, including new guidance on investing in conflict areas and research into gender and ethnicity pension gaps, plus a look at natural capital and how geopolitics is shaping the market. The issue also includes a tribute to the late Mike Jensen and his legacy in the sector, along with full coverage of the 2026 LAPF Investments Awards, headline sponsored by Marsh.Coming soon in print or online at www.lapfinvestments.com.

Tom and Nick report back from the DC and Master Trust Summit, where fears are growing that value for money's traffic-light ratings could push schemes to "herd" toward a safe light-green rather than risk the fallout of amber or red. Also on the agenda: the industry's about-turn on forward-looking performance metrics, and a new LGPS case study on the gender pensions gap.

Tom and Nick look at TPR's shift towards "no surprises" enforcement and what early engagement really buys schemes. Also on the agenda: the government's contested £25bn DC scale test, new data on retirement housing costs, and a tale of two LGPS pools as Wales secures full FCA authorisation while Access prepares to close its doors.

In this special edition, Tom sits down with Brian Gielty, Editor-in-Chief of LAPF Investments Magazine, to unpack the brand new Issue 10, from a career-spanning cover interview with LGPS legend Fiona Miller to deep dives on climate risk, local investment, pension committees, and the gender pensions gap.Plus, a first look at the shortlists for the 2026 LAPF Investments Awards, taking place 30 September at the Marriott Hotel Grosvenor Square, London - all available now in print or online at lapfinvestments.com.

In this episode of the LGPS Interviews, we sit down with Max Townshend, Head of Investment Strategy at LPPI, to discuss how the pool has managed its recent expansion from three to nine partner funds. He shares what that growth has meant for the team day-to-day, how LPPI is rethinking its product range and investment beliefs to serve a more diverse partnership, and his views on local investment, surplus management, and how recent geopolitical shifts are reshaping the way funds think about risk and diversification.

Tom and Nick look at the risks trustees may have overlooked over the summer, from DB schemes drifting without a clear endgame strategy to the growing investment implications of climate change, AI and a more fragmented geopolitical landscape. Also on the agenda: the latest LGPS debate over investment in conflict zones and the tricky question of fiduciary duty, before turning to Oxfordshire Pension Fund's backing for a new fund aimed at tackling homelessness through affordable housing.