From chancellor Rachel Reeves’ pension reforms to practical guides on retirement planning, Trustnet’s most-read stories in 2025 reveal investors’ concerns about tax pressures, changing regulations and building long-term wealth in an uncertain environment.
The year proved to be a tale of two halves for global markets. There was significant volatility following tariff announcements in April, before the global market decline recovered strongly to be on-track for a third consecutive year of double-digit gains.
UK investors enjoyed a surprisingly strong performance, with the FTSE 100 heading for its best year since 2009. Traditional sectors including banks, miners and defence led the charge, while the blue-chip benchmark nearly broke the 10,000-point barrier.
Against this backdrop of market turbulence and strong equity returns, Trustnet readers were focused on protecting and growing their wealth. The most-read stories reflect concerns about rising tax burdens – from dividend tax changes affecting millions to stealth tax increases through frozen thresholds – alongside the need for actionable investment strategies and retirement planning advice.
1. Reeves' £2k salary sacrifice cap faces immediate industry backlash
In the Budget, chancellor Rachel Reeves announced a £2,000 annual cap on salary sacrifice for auto-enrolment pensions, taking effect from April 2029 and expected to raise £4.7bn for the Treasury. In the year’s most-read Trustnet story, industry experts warned this will penalise savers trying to build retirement funds and widen the gap between private and public sector pensions.
2. How to build a £1m pension from age 50
A 50-year-old earning a good wage could build a pension pot of over £1m by age 67 through regular savings into pensions and ISAs, assuming 4.4% annual investment growth. The strategy outlined by the AIC’s Annabel Brodie-Smith requires saving around £2,250 monthly, which becomes more achievable once mortgages are paid and children leave home.
3. Millions more savers to pay dividend tax after allowance cuts, HMRC data finds
HMRC figures show 3.7 million investors will pay dividend tax in 2024/25, double the number from two years earlier, following cuts to the tax-free allowance from £2,000 to £500. A large portion of those affected are basic-rate taxpayers and experts advised using ISAs and pensions to shelter investments.
4. Where to invest for the next decade, according to Vanguard
Vanguard's 10-year forecast predicted US equities will return between 2.8% and 4.8% annually, while developed markets outside the US (UK, Europe, Japan) could achieve 7.3% to 9.3%. Bonds may offer better risk-adjusted returns than US equities, with US Treasuries projected to outperform US stocks.
5. The 12 upcoming tax increases Britons aren't accounting for
Hargreaves Lansdown identified 12 tax thresholds and allowances that increase tax burdens without any government announcement, because they remain frozen while inflation rises. These include personal allowance clawbacks above £100,000, income tax thresholds, inheritance tax nil-rate bands and the ISA allowance.
6. The active ETFs making the best returns of 2025 so far
ARK Invest's innovation-focused ETFs led the 2025 performance tables when Trustnet focused on active ETFs, with ARK Innovation UCITS ETF returning 47.4% by late October. European and emerging market active ETFs also featured among the top performers, benefiting from improved valuations and increased fiscal spending.
7. NS&I’s one- and five-year British Savings Bonds return after 15 years off the market
National Savings and Investments relaunched its one-year and five-year British Savings Bonds in April 2025, marking their first availability in 15 years. The fixed-term accounts offered guaranteed returns with 100% government protection and required a minimum £500 investment.
8. Hargreaves Lansdown flags two of its funds as 'poor value'
Hargreaves Lansdown’s annual value assessment rated HL Emerging Markets and HL Global Bond as poor value due to weak performance and high costs. Five funds in total were flagged as needing work, though the platform noted recent improvements in some areas following portfolio changes.
9. The 20 funds recommended by most best-buy lists
BlackRock Continental European Income was the only fund appearing on four of the five major UK best-buy lists, maintaining this position for at least three years. Four new funds joined the top 20 in Trustnet’s review in January, including Barings Europe Select, Fidelity Special Situations, Man Japan CoreAlpha and Royal London Corporate Bond.
10. How to beat the salary sacrifice cap when saving for retirement
Following on from the Budget, experts suggested savers can work around the £2,000 salary sacrifice cap by using a SIPP alongside workplace pensions to maintain tax efficiency. The recommended approach for most people is a blend: use salary sacrifice up to the £2,000 cap, then top up via a SIPP for additional flexibility and investment choice.