Here is part two of our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information.
In part one, we looked at legislative developments relating to the Pension Schemes Bill, National Insurance Contributions (Employer Pensions Contributions) Bill and the Finance Act 2026.
The Pension Protection Fund (PPF) has published its policy statement and levy rules for 2026 to 2027. The levy is set at zero for conventional schemes, with a levy still payable by alternative covenant schemes (i.e. superfunds). The PPF says that while some levy-specific data will no longer be required, the PPF will continue to need a core set of data via the annual pension scheme return to help it assess and monitor risk across the defined benefit universe, including to inform decisions on whether, and how, a levy should be charged in future. It says that it will undertake a review of future data requirements in due course.
As highlighted in our recent update, phase 2 of consumer testing of the MoneyHelper dashboard is underway. The Pensions Dashboards Programme’s (PDP) latest blog post gives further information on the rollout, explains how phase 2 will help shape future dashboard development and describes how the industry will be kept informed. PDP also cautions that schemes should expect a rise in enquiries as testing activity increases and more partial matches are generated.
The Pensions Administration Standards Association (PASA) has published the second and third instalments of its trustee-administrator lifecycle series. Part 2 outlines the key areas trustees should consider before commencing a review for the appointment of a new administrator. Part 3 focuses on the transition process itself, highlighting the need for structured planning, robust governance and open communication to aid a smooth handover.
The Pensions Regulator (TPR) has released its 2025 annual report on the UK’s occupational defined contribution (DC) market. Consolidation in the DC sector has continued, with the number of schemes falling by 15% compared with the previous year. Total DC assets increased by 22%, rising from £205 billion in 2024 to £249 billion in 2025. Master trusts now account for approximately 92% of all DC memberships, underscoring their dominant position in the market.
The chief executive of TPR, Nausicaa Delfas, gave a speech at the JP Morgan Pension and Savings Symposium, in which she urged the market to align behind a vision to generate a sustainable income in retirement. She said this would mean innovation in defined benefit (DB) endgame, innovation in terms of DC investments and default retirement plans, as well as strong governance standards, effective administration and innovation through data and artificial intelligence (AI). Ms Delfas also highlighted the importance of TPR taking a different approach to regulation. She gave the example of new guidance for DC master trust reserving, to help schemes to use the most efficient mix of assets to meet their capital requirements and enable some to safely reduce the level of cash reserves they have, unlocking investment for more productive purposes.
AI is currently a hot topic in most industries. In this blog post, our colleagues consider the UK government’s full report considering the use of copyright works in the development of AI systems.
If you would like specific advice on any of these issues or anything else, please contact a member of our Pensions team.
