Pensions and Lifetime Savings Association

The Pensions and Lifetime Savings Association (PLSA) is a United Kingdom trade association for organisations involved in designing, administering, advising on and investing in workplace pensions and other forms of retirement provision. It was formerly known as the National Association of Pension Funds (NAPF), before adopting its current name to reflect a broader focus on lifetime savings and the changing structure of retirement provision. The association brings together pension funds and service providers. Its pension-scheme membership covers defined-benefit schemes, defined-contribution schemes, group personal pensions and statutory-sector arrangements, including local-government pension schemes. The organisation has also represented a substantial community of businesses that provide services to pension funds, including investment managers, law firms, actuarial firms, consultants, administrators and other specialist advisers. The membership figures cited in reference material comprise approximately 1,300 pension funds serving about 22 million people and managing more than £1 trillion in assets, alongside roughly 400 service-provider businesses. These figures describe the collective reach of member organisations rather than assets owned by the PLSA itself. The PLSA presents itself as the voice of its members in dealings with the UK government, Parliament and regulatory bodies. Its policy work includes engagement with The Pensions Regulator, the Financial Conduct Authority and, where relevant, European institutions. It researches issues such as the structure and scale of defined-benefit and defined-contribution provision, longevity trends, retirement behaviour and the implications of changes in the workplace-pensions environment. Through policy submissions, briefings and member communications, it seeks to influence regulation and public policy affecting pension trustees, scheme sponsors, savers and pension-service businesses. In addition to advocacy, the association provides practical support for pension professionals. Its activities include conferences, seminars, publications, training through its Academy and policy-focused teach-in events. Its annual conference and exhibition has been described as attracting around 1,500 participants and has featured politicians, economists, investment professionals and other public figures. Other recurring events include an Investment Conference, a Local Authority Conference and a Trustee Conference. The PLSA has also supported initiatives connected with pension quality and investment. The Pension Quality Mark (PQM) and PQM PLUS standards recognise defined-contribution schemes that meet specified expectations concerning governance, member communications and contribution levels. The Pensions Infrastructure Platform (PiP), established with participation from the NAPF, the Pension Protection Fund and major UK pension funds, was intended to facilitate pension-scheme investment in UK infrastructure. Overall, the PLSA functions as a membership body, policy advocate, professional-information provider and standards promoter rather than as a pension fund, retail financial-services provider or asset owner.

The organisation developed as a representative body for UK pension funds and was previously known as the National Association of Pension Funds. Its original role centred on giving pension funds a collective voice on legislation, regulation and operational issues affecting occupational retirement schemes. As the UK pensions market expanded beyond traditional defined-benefit arrangements, the association's constituency came to include defined-contribution schemes, group personal pensions, statutory pension arrangements and a wide range of professional firms supporting trustees and scheme sponsors. The change from NAPF to Pensions and Lifetime Savings Association reflected this wider remit. The new identity placed greater emphasis on the full retirement-savings journey rather than on pension funds alone. The association continued to operate as a not-for-profit membership organisation governed by a board, while broadening its policy and educational work for trustees, employers, administrators, consultants, investment managers and other sector participants. Its public-policy role has involved dialogue with government, Parliament and regulators. The PLSA has addressed questions concerning pension scheme governance, retirement outcomes, investment, longevity, defined-benefit funding, defined-contribution design and the responsibilities of institutions serving savers. Its research programme has examined the size and composition of UK pension provision, changes in retirement patterns and the consequences of demographic and regulatory developments. This research supports both member guidance and the association's external advocacy. The association also built an events and education programme. Its annual conference and exhibition, held in October and alternating between venues in Liverpool and Manchester according to the reference material, brings together pension professionals, policymakers and speakers from related economic and scientific fields. Its wider calendar has included an Investment Conference in Edinburgh, a Local Authority Conference in the Cotswolds and a Trustee Conference in London. Training is delivered through the PLSA Academy, supplemented by policy teach-ins and publications intended to keep members informed about regulatory and market developments. Two initiatives illustrate the organisation's broader sector-building role. The Pension Quality Mark was created as a recognition framework for defined-contribution schemes meeting criteria related to governance, communications and contribution levels. A higher PQM PLUS standard was also available. Separately, the Pensions Infrastructure Platform was established with involvement from the NAPF, the Pension Protection Fund and large UK pension funds to encourage institutional investment in UK infrastructure. Its first fund, a public-private-partnership equity vehicle, launched in February 2014 with a stated size of £600 million and management by Dalmore Capital. Governance reforms described in the reference material included the creation of a Policy Board in October 2018. The board became the association's principal policy-making body and was described as having 17 appointed members who met approximately three times annually. Richard Butcher was identified as Board Chair, while Julian Mund was identified as Chief Executive and had joined the organisation as Commercial Services Director in 2013. The PLSA's continuing role is that of a UK membership and advocacy organisation supporting the institutions and professionals responsible for workplace pensions and lifetime savings.

• 2018

  Policy Board created

  [1]Pensions and Lifetime Savings Associationen.wikipedia.org

  A governance review led to the creation of a 17-member Policy Board in October 2018 as the association's main policy-making body.

• 2014

  Pensions Infrastructure Platform launches first fund

  [1]Pensions and Lifetime Savings Associationen.wikipedia.org

  The Pensions Infrastructure Platform launched its first fund, a public-private-partnership equity vehicle reported at £600 million, to support pension-scheme investment in UK infrastructure.

• 2013

  Julian Mund joins the organisation

  [1]Pensions and Lifetime Savings Associationen.wikipedia.org

  Julian Mund joined the association as Commercial Services Director at the end of September 2013 and was subsequently identified as its Chief Executive.

• Adoption of the Pensions and Lifetime Savings Association name

  [1]Pensions and Lifetime Savings Associationen.wikipedia.org

  The former National Association of Pension Funds adopted the Pensions and Lifetime Savings Association identity as its remit expanded from pension funds to the wider lifetime-savings and retirement-provision ecosystem.

Industry advocacy, professional support and standards development for UK workplace pensions and lifetime savings.

• Trade association services

  Policy advocacy and representation

  The PLSA represents pension funds and service providers in discussions with government, Parliament and regulators. Its advocacy covers workplace-pension regulation, scheme governance, investment, retirement outcomes and the practical effects of policy changes on trustees, employers and savers.

• Research and information

  Research and publications

  The association produces research and publications on the structure of UK pension provision, defined-benefit and defined-contribution schemes, longevity and changing retirement patterns. These materials support member decision-making and provide evidence for its policy positions.

• Pension standard

  Pension Quality Mark

  The Pension Quality Mark recognises defined-contribution pension schemes that satisfy criteria relating to governance, communications and contribution levels. PQM and PQM PLUS provide a framework for communicating scheme quality and encouraging stronger arrangements for workplace savers.

• Investment platform · 2014

  Pensions Infrastructure Platform

  The Pensions Infrastructure Platform was established with pension-sector institutions to encourage and facilitate investment by UK pension schemes in infrastructure. Its first fund was a public-private-partnership equity vehicle launched in 2014.

• Education and events

  Events and professional training

  The PLSA provides conferences, seminars, publications, Academy training and policy teach-ins. Its recurring programme has included an annual conference and exhibition, an Investment Conference, a Local Authority Conference and a Trustee Conference.

• 2014

  Launch of the first Pensions Infrastructure Platform fundProduct launch

  Background

  The Pensions Infrastructure Platform was created to help UK pension schemes access infrastructure investment opportunities and to aggregate institutional capital.

  Action taken

  The platform launched a public-private-partnership equity fund reported at £600 million, managed by Dalmore Capital.

  Aftermath

  The launch established the platform as an investment vehicle associated with the pension sector's effort to channel institutional capital toward UK infrastructure.

  Reported initial fund size. £600 million (February 2014)

  Source

1. 1Pensions and Lifetime Savings Associationen.wikipedia.org
2. 2Pensions and Lifetime Savings Associationplsa.co.uk