The government's overview of the pension transition describes how all schemes must move to the new defined-contribution system, with premiums invested individually, smaller buffers, and a hard deadline at the start of 2028. Millions of pensions have already been converted in waves.
Employers should not treat this as the pension fund's problem. Premium schemes, transition compensation and the communication duty all run through payroll and the employment contract. Our advice: have the transition plan reviewed alongside the payroll administration, so the numbers in the offer letter match what the fund actually books.