What Liverpool taught me about reputation in pensions

Reflections from Liverpool: reputation, risk and a changing pensions landscape

After three busy days at Pensions UK Annual Conference 2026 in Liverpool, there was plenty to reflect on.

One of my highlights was hosting a breakfast with Steve Webb, Partner at LCP and former Pensions Minister. Our discussion ranged from adequacy and the Pensions Commission to investment, productive finance, retirement outcomes and the Budget, reinforcing just how closely pensions are now intertwined with wider political, economic and societal questions.

I also enjoyed speaking separately with Steve about what we want the UK pensions system to look like in five or ten years’ time. While he welcomed the long-term thinking behind the Pensions Commission, he made the case for a broader strategic vision for pensions, rather than continuing to change individual parts of the system in isolation.*

An evolving risk landscape

I spent time speaking to trustees, schemes and advisers about what is keeping them awake at night. AI risk came up repeatedly, highlighting how quickly emerging risks can become reputational ones, whether through investment exposure, governance, cyber risk or member trust.

This feels particularly timely given new guidance from The Pensions Regulator on AI-related investment exposure and the need for trustees to understand these emerging risks and their potential impact.

Governance was another recurring theme. As schemes grow in scale and complexity, there was a clear focus on raising standards of trusteeship, governance and administration. The emphasis was less on reinventing the system and more on strengthening and refining it, with clearer standards, appropriate oversight, robust conflict management and the right support and guidance to ensure trustees are equipped for the demands being placed on them.

Endgame strategy was also high on the agenda. Schemes are considering an increasingly broad range of options, from buy-in and buyout to run-on and superfunds. But whatever route is considered, the fundamental question remains: what is in the best interests of members, and how can trustees demonstrate that those interests have been at the heart of the decision?

Different stakeholders may have very different perspectives on the chosen route. This means trustees need to consider not only the decision itself, but how its rationale will be understood and scrutinised.

Taken together, these conversations reinforced just how quickly the pensions risk landscape is evolving. Whether it is AI, governance, endgame strategy or adequacy, the decisions trustees and schemes are navigating increasingly have implications for trust, stakeholder confidence and reputation.

Why communications needs a seat at the table

For me, this underlines the value of bringing communications into the conversation earlier.

Too often, communications advisers are brought in once a decision has been made, with the focus on how best to explain it. By that stage, some of the reputational risks may already be baked in.

Bringing communications expertise into the process earlier means asking some fundamental questions:

• Can we explain why? Is the rationale clear, credible and easy to understand?
• How could this look from the outside? What’s the difficult headline, member question or political challenge?
• Who could this matter to? Think beyond members to employees, unions, regulators, politicians, media and other stakeholders.
• Are we prepared? Where might scrutiny come from and do we have the right narrative and response in place?

This isn't about communications driving the decision. It's about using communications expertise to understand and manage reputation from the outset, alongside the legal, actuarial, investment and commercial considerations.

Ultimately, navigating change isn't just about getting the pensions decision right. It's about maintaining trust and bringing people with you.

From my discussions in Liverpool, and speaking to trustees, schemes and advisers navigating these challenges first-hand, one thing became increasingly clear: communications deserves a seat at the table from the outset, not once the decision has already been made.

As pensions become more complex, political and scrutinised, bringing that perspective in earlier will be increasingly important in helping organisations anticipate reputational risk, prepare for scrutiny and navigate change with greater confidence.

*Click here to view the full interview with Steve Webb, partner at LCP and former pensions minister