We are the UK's leading independent authority on pensions and retirement policy. We conduct rigorous, impartial evidence-based research that shapes better retirement outcomes.
Reports and Briefing Notes
Assessing megafund pension reforms: Insights from international experience
Launching at 0900 on Tuesday 02 June 2026.
The Pension Schemes Act 2026 introduces what is widely known as megafund reforms, requiring multi-employer Defined Contribution (DC) pension schemes to have £25 billion of assets in their default arrangement by 2030, with the aim of driving better returns for pension savers.
This report uses international evidence along with data from interviews with stakeholders from the UK and Australian pension systems to explore the following:
- Evidence on strengths and limitations of the megafund approach;
- Whether and how relevant international experience could inform the UK approach to the introduction of
megafund reforms; - The risks, potential benefits, and challenges of the UK megafund reforms.
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