We consulted with our members on changes to annual Pensions UK membership subscriptions which will take effect from 2026. The consultation ran from Wednesday 23 July until Friday 22 August.
Why we are changing subscriptions
We recognise the importance of continuing to be well resourced to support members and their views in what will be a sustained period of unprecedented change for UK pensions.
We are making changes to our member subscriptions because:
- Consolidation across pension provision means there will be fewer, bigger providers in the future.
- Our largest members – particularly master trusts – are getting increasing value from our policy work, committees and events.
- Depending on our Business Members to fund 60% of our work for our Fund Members is not sustainable.
The changes we’re making
The changes we consulted on are specific to some member groups, and included creating new member categories to reflect the complexity of our membership.
We are asking some members to pay more, but we are also increasing the value our members get for their money. Many parts of our membership will see no change.
- Fund Members will see their maximum subscription rise from £23,405 to £35,000 over three years, affecting our 22 largest members. They will gain access to enhanced member benefits as part of this change.
- LGPS funds and their administering authorities will come under a new category, Local Government Members, but with no change to subscriptions.
- Master Trust Membership will now cover those master trusts regarded as ‘monoline’ or ‘non-commercial’ master trusts (and excluding ‘accidental’ master trusts). Their subscriptions will rise to a maximum of £50,000 for those with £10 billion or more in assets under management.
- There will be no change in subscriptions for Business Members, though we will offer some new commercial opportunities.
- We will create a new Business Member with Associated Master Trust category for Business Members that also run an authorised DC master trust, which will pay one subscription up to a maximum of £50,000.
The changes will take effect from 2026. Read and download the report on the consultation for more detail.
Read the Rules - Membership and subscriptions