Making retirement income the unit that matters
Our goal is to give every DC pension saver a low-risk building block that is measured, managed and reported in what they will actually need: income.
Bring liability-driven discipline to individual retirement
Defined benefit schemes have long matched their liabilities with gilts. Defined contribution savers, who now carry their own retirement risk, rarely have an equivalent.
We want the Retirement Bond to become the reference low-risk component of UK DC default funds: transparent, low cost, liquid, and built around a clear income objective. Schemes keep their own growth assets and governance; we bring the income engineering.
UK DC pensions are moving towards income
Policy and market structure are both shifting in a direction that makes an income-matched building block more relevant.
The Pension Schemes Act 2026 introduces a duty for DC schemes to offer default retirement income solutions, with implementation expected towards the end of the decade.
Source: Pension Schemes Act 2026 (UK).Assets held in UK master trusts at the end of 2025, concentrated in a small number of large providers.
Source: The Pensions Regulator, published data (£279.9bn).Minimum size expected for multi-employer DC default funds by 2030, pushing the market towards fewer, larger arrangements able to support dedicated income solutions.
Source: Pension Schemes Act 2026 (UK), scale requirements.Where we are going
An indicative plan. We intend to move faster wherever we can.
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Now to March 2027
Research and backtesting
Institutional market study of the UK DC landscape, and historical backtests of the Retirement Bond on Bank of England curves, including stress periods.
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Spring to summer 2027
Conversations with the market
Discussions with master trusts, group personal pension providers, trustees, employee benefit consultants and asset managers to test the design and the integration model.
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Next
Partner and regulatory set-up
Incorporation, choice of the integration route with a partner scheme or platform, and an appropriate regulatory structure before any investment activity.
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Later
Income floor with growth
A version combining the Retirement Bond with growth assets, designed to protect a floor of income while keeping upside potential.
What we will not compromise on
Transparency
Clear construction rules, published assumptions and honest communication of what the product does not cover.
Low cost
Every basis point of fees reduces retirement income. The building block must stay close to index-fund economics.
Member outcomes
Success is measured in retirement income delivered, not in assets gathered.