Good morning and welcome to your Morning Briefing for Tuesday 18 November 2025. To get this in your inbox every morning click here.
SPP rejects mandatory pre-97 indexation; calls for lump sum powers
The Society of Pension Professionals (SPP) has warned against a “blanket” legislative change to mandate indexation on defined benefit (DB) pension rights accrued before 1997.
In a new paper, the SPP argues that imposing such an obligation retroactively risks “substantial challenges and unintended negative consequences,” particularly for schemes already in deficit. The society maintains that decisions on discretionary increases should remain a “scheme-specific issue” for trustees and sponsors to negotiate.
Noel Butwell: Attracting new blood is vital. Here’s how
Attracting new curious minds into financial services is becoming increasingly important, and for good reason.
The Diversity Project’s 2025 research on cognitive diversity talks about how different age cohorts have contrasting views on a range of topics, all of which bring new thoughts, perspectives and positive creative disruption.
Gender pension gap widens to £113k
The gender pension gap has widened to £113,000, with career breaks pushing more than one in three (36%) women towards poverty in retirement, according to the latest Scottish Widows Women and Retirement Report.
The 2025 report reveals the median private pension pot for women at retirement is now just £173,000, compared to £286,000 for men. This 32% gap is an increase from 30% last year.
Quote Of The Day
Investing is being reshaped by forces that demand a more adaptive and globally attuned approach. Geopolitical risk, economic fragmentation, shifting market dynamics and changing equity leadership require investors to rethink legacy strategies and think about new sources of diversification.
-Paul Diggle, Chief Economist, at Aberdeen comments on 6 macro themes that will reshape investing in 2026
Stat Attack
Hopes that a cut to the Cash ISA limit would drive investment into UK equities have been dismissed as ‘flawed’ by the UK’s financial advisers.
A new poll suggests the policy ignores significant macroeconomic challenges, such as stubborn inflation and tax hikes.
Advisers warn that clients are far more likely to move their excess cash into general savings accounts than to take on investment risk. The research also highlights fears that the move would be unfair and actively discourage good savings habits, and the stats show:
68%
of advisers say reducing the Cash ISA limit won’t encourage more investment in UK equities.
68%
expect clients to move excess cash (after reaching a reduced Cash ISA threshold) to general savings accounts.
47%
say stubborn inflation, employer’s NI, and the threat of further tax hikes will prevent the growth needed in UK equities.
46%
fear a reduced Cash ISA limit could discourage good savings habits.
32%
have not recommended UK-focused funds to clients for 3+ years.
31%
expect clients will explore non-ISA investment products.
30%
believe a lower limit would be unfair on savers who rely on ISAs for flexibility and security.
20%
say they’re seeing more UK equities that are undervalued and attractively priced.
Source: Flagstone
In Other News
The PMI Group has launched a new subsidiary, Factito, as a PMI Approved Centre to help pension professionals gain skills for the “rapidly evolving industry”.
The new centre will meet sector needs for digital learning materials and structured support, including PMI qualifications. It will provide modern training formats and expert-led courses tailored to industry needs.
PMI chief executive Gareth Tancred said the launch will help create a “stronger, future-ready pensions workforce”. He added that Factito will help “meet the expectations of government and regulators for higher standards of trusteeship”.
Factito will operate as a separate entity to comply with Ofqual requirements.
Financial services consultancy Simplify has appointed Mark Andrews and Michael James as practice directors, reinforcing its expansion across wealth, asset management, insurance, and fintech.
Andrews joins as practice director, drawing on 25 years of operational transformation experience at firms including L&G, Lloyds Banking Group, and LV=.
Michael James joins as technology consulting director, bringing extensive expertise in technology strategy, data, and platform development.
The appointments follow Simplify’s recent expansion into new technology and insurance practices. Co-founder Carl Woodward said the hires mark an important step in building Simplify into the “go-to independent, practitioner-led consultancy” for the sector.
Stock market sell-off continues, as Google boss warns ‘no company immune’ if AI bubble bursts (The Guardian)
Bank savings to be protected up to £120,000 under new UK rules (yahoo!finance)
Crypto market sheds $1.2tn as traders shun speculative assets (Financial Times)
Did You See?
In her “Starting Out” column, Amanda Newman Smith tackles the classic catch-22: how do you get a job in advice without any experience?
She finds that the answer lies in transferable skills, which employers often value just as much as technical knowledge. But which “soft skills” provide the best head start? And which industries, from healthcare to retail, produce the most sought-after candidates? Read the full piece to see how interpersonal skills—and even some basic practical ones—can open the door.
