DB Scheme Trustees Overwhelmed by Agenda Load
Trustees of defined benefit pension schemes in the United Kingdom are juggling a wider array of tasks than they have in recent years, a new survey shows.
Readiness for the pensions dashboard dominates the agenda
The TPT Retirement Solutions DB Trustee Pulse 2026 report, based on responses from 100 trustees overseeing assets from £100 million to more than £10 billion, found that preparing for the upcoming pensions dashboard is the top concern. Thirty‑eight percent of participants listed it as the most pressing issue they will face in the next twelve months.
End‑of‑life planning for pension schemes followed closely, with 31 percent of trustees saying evaluating “endgame” options is now a major challenge—a jump from 16 percent in the 2024 survey. Other items on the list included liquidity, collateral and cash‑flow management (30 percent), keeping members informed (28 percent), and dealing with market volatility and investment performance (26 percent). The figure below summarises the priorities.
Scheme size shapes the challenges trustees see
Smaller schemes—those with under £1 billion in assets—appear more concerned about end‑of‑life routes, with 42 percent of those trustees flagging it as a difficulty. Running costs and staffing capacity also rank higher for these groups, at roughly a third and 26 percent respectively.
For medium‑to‑large schemes holding £1 billion or more, the dashboard readiness issue tops the list, cited by 39 percent of respondents. Liquidity and cash‑flow matters sit close behind at 33 percent, while administration, regulatory compliance and asset allocation each attract around a quarter of attention.
Compared with the 2024 findings, some worries have eased. Concerns about accessing different asset classes fell from 29 percent to 24 percent, and issues with data quality dropped from 21 percent to 16 percent, indicating modest progress on those fronts.
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“For a number of years, the industry conversation was dominated by funding, de‑risking and endgame planning,” said Nicholas Clapp, Commercial Director at TPT Retirement Solutions. “Those priorities have not gone away, but there is now greater recognition of the growing practical realities trustees face in overseeing a pension scheme. Dashboards, governance, data, administration and implementation projects all compete for the same time and resource.”
“What we are seeing is that operational complexity is becoming a strategic issue,” added Katherine Lynas, Head of Consultant Relations at the same firm. “Trustees are evaluating endgame options while also thinking about how much governance, resource and ongoing management each route requires. That’s why consolidation options that provide scale and simplicity are becoming increasingly important considerations.”
Future priorities may force trustees to choose projects that deliver both compliance and efficiency. The pressure to meet regulatory deadlines for the pensions dashboard while also charting a clear path for scheme wind‑downs could stretch already thin resources.
One practical implication is that many trustees could turn to larger, consolidated providers that promise streamlined administration and shared technology platforms. Such moves might alleviate some of the operational burden, but they also raise questions about governance structures and the preservation of member interests.
Overall, the data suggest a shift from single‑issue focus toward a more complex, multi‑task environment for DB trustees. The need to balance immediate operational duties with long‑term strategic planning appears to be the new normal.
