A fresh perspective on DC pensions.
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Author: Jonathan Parker

Defined Contrarian brings together expert perspectives on the evolving Defined Contribution landscape, exploring how regulation, governance and investment are reshaping workplace pensions. This edition focuses on the practical challenges of delivering better outcomes, from member engagement and support to private markets access and value for money.

In the summer 2026 report, we consider:

CP25/35: Balancing sophistication and inertia in upcoming DC reforms

Explores proposed FCA reforms to pension projections and consolidation, and whether increased complexity could impact member engagement.

Targeted support vs social media: The implications for DC

Examines how targeted support aims to close the advice gap, while competing with the growing influence of AI and social media.

Career breaks, pay transparency and the pension pay gap

Looks at how career breaks and pay structures shape long term pension outcomes and contribute to retirement inequality.

Evaluating open-ended funds for private markets

Assesses the opportunities and risks of open-ended private market funds, with a focus on structure, liquidity and investor suitability.

Value for money: Finishing the job on Defined Contribution quality

Considers how evolving value for money frameworks could drive accountability, consolidation and improved member outcomes.

This edition is aimed at trustees, sponsors and professional investors navigating the Defined Contribution landscape. We hope you enjoy the insights and welcome any conversations on the topics explored.

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Disclaimer

Gallagher Benefit Services is a trading name in the UK for Gallagher Risk & Reward Limited (Company Number: 3265272), Gallagher Communication Ltd (Company Number: 3688114), Gallagher Actuarial Consultants Limited (Company Number: 1615055), Gallagher (Administration & Investment) Limited (Company Number: 1034719), and Gallagher Consultants (Healthcare) Limited (Company Number: 172919), which all have their registered offices at The Walbrook Building, 25 Walbrook, London EC4N 8AW. All the companies listed are private limited liability companies registered in England and Wales. Gallagher Risk & Reward Limited, Gallagher (Administration & Investment) Limited and Gallagher Consultants (Healthcare) Limited are authorised and regulated by the Financial Conduct Authority.