Five actions that DB schemes should be taking to “hit the ground running” in 2026
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With 2026 set to be a year with a lot of industry change and developments for trustees to navigate, LCP have set out five key actions that trustees should take to hit the ground running this year:
- Review your long-term objective and keep up to date with developing end game options over the year in this fast-evolving area. 2026 will see further developments including around surplus sharing and superfunds.
- Evolve your strategic journey plan to achieve your long-term objective. A clear, up-to-date journey plan helps navigate the route, making informed investment and funding decisions to anticipate challenges and capitalise on opportunities.
- Assess your scheme governance. Use your first Own Risk Assessment (ORA) to reflect on whether the right risks are being prioritised. Sole trusteeship will be increasingly in the regulatory spotlight following the DWP’s trusteeship consultation.
- Review your administration and make sure it delivers what your members need. TPR is encouraging the admin industry to raise standards and recently published new guidance. Alongside this, confidence in underlying scheme data and benefit calculations is fundamental, especially with the Pensions Dashboard connection dates looming.
- Consider member experience. AI in member communications is gathering pace and you’ll need to evolve your scheme’s processes for the changes to Inheritance Tax that are coming in next year.
Jill Ampleford, LCP Partner and Head of Trustee Consulting, commented:
“For many trustees the number of issues to consider and the growing list of different options can seem overwhelming. That’s why it’s important to refresh your objectives, identify priority actions and plan ahead to make sure you aren’t taken off guard.”
Katie Peto, LCP Partner added:
“There is a lot for trustees to navigate this year, but those who pace themselves, plan ahead and keep members at the heart of decision-making will be best placed to finish the year in a strong position.”
You can read LCP’s full DB predictions here.
