The influential Pensions and Lifetime Savings Association (PLSA) has been relaunched as Pensions UK and is planning what it calls, “an ambitious new strategy for the next decade and beyond.”

Pensions UK, a not for profit trade body, is aiming to be the voice of the £2 trillion UK pensions industry.

The body, in existence in various forms for 100 years, is best known for lobbying government and industry on behalf of the pensions sector and more recently for its widely-used definitions of different levels of retirement income needed for an adequate or comfortable living.

The organisation also provides thought leadership, guidance and research for members.

The pension schemes covered by Pensions UK aim to provide a retirement income to more than 30m savers in the UK and invest more than £2trillion in the UK and abroad, Pensions UK says. Members include asset managers, consultants, law firms, fintechs and others.

The organisation engages with over 2,500 organisations and nearly 16,000 contacts within its membership and a further 17,000 in the pensions and financial services industries. 

The organisation says it has changed its name as the pensions sector is entering a defining period of “structural change.” It is being reshaped by consolidation, a new focus on investment in growth and a spotlight on the need for people to save more.

To mark its rebranding, Pensions UK has published a new report today – '2030 Ready' - which outlines pension changes on the way and the societal context influencing savers’ relationship with their pension savings.

For pension schemes, Pensions UK expects consolidation will intensify into the 2030s with fewer, larger schemes and asset pools managing trillions of pounds on behalf of millions of savers.

By 2035, it expects:

• Master trust assets to grow from £165 billion to over £700 billion,
• Local Government Pension Scheme assets to more than double, approaching £1 trillion,
• Defined contribution contract-based assets to rise to around £600 billion,
• Open defined benefit schemes will also continue to grow, but overall the size of the DB sector will continue to decrease.

 At the same time, UK savers are facing growing uncertainty, it says: 

• One in five workers are projected to fall short of even the minimum Retirement Living Standard,
• Life expectancy continues to rise. A woman turning 65 in the 2030s can expect to live to 89; a man, to 87. More will live past 100,
• Over 10% of over 65s are expected to be living in private rented accommodation by 2030,
• Over 3.8 million retirees are worried their money won’t last.

Julian Mund, chief executive of Pensions UK, said: “To shape the world we want to see in the 2030s, we must respond to change with clarity and purpose.

“Our strategy for 2025 to 2029 will prepare Pensions UK and its members to thrive as we enter the next decade. We’ll make pensions better, influence policy, give outstanding value to our members, build a great place to work and secure our future as an authoritative, purpose-led and impactful organisation.

“We have a new name, new logo and new visual identity but, as the most trusted and authoritative voice of pensions, we will continue to do everything we can to help everyone get a better income in retirement.”