Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information.
The Pensions Dashboards Programme (PDP) has issued a new draft version of the reporting standards to cover daily reporting to the Money and Pensions Service (MaPS). The draft standards are intended to come into force on 1 March 2027. More background information can be found in the consultation outcome issued in June 2026.
The Office for National Statistics (ONS) has published its latest estimates for funded occupational pension schemes for the period October 2025 to March 2026. The estimates indicate that the market value of private sector defined benefit (DB) and hybrid pension schemes decreased by £46 billion (4%) from £1,137 billion to £1,091 billion during the period. The ONS says that this decrease was mainly caused by a decrease in the value of assets, and to a lesser extent a rise in the value of non-pension liabilities. The combined market value of private sector defined contribution (DC) and public sector DB and hybrid pension schemes increased by £50 billion (5%), from £1,001 billion to £1,051 billion during the period. The ONS says that the main reason for this increase was a rise in the value of direct investments for both scheme types, although the value of public sector pooled investment vehicles also increased over the same period.
On 29 September 2026, the UK prime minister announced that the state pension triple lock will be adjusted from April 2030, so that it rises by at least inflation or 2.5% each year, whichever is higher, “and by even more if that is required to maintain its value relative to earnings”. The government will legislate for this during the current Parliament. Adjusting the triple lock is estimated to reduce state pension spending by £15 billion a year by the end of the 2030s. The savings are expected to be used to fund a new national care service with no personal care charges, although the cost of bed and board will still be means tested.
Is £1 million enough? The Pensions Regulator (TPR) was granted several new powers by the Pension Schemes Act 2021, including the power to issue financial penalties of up to £1 million in certain circumstances. In this blog post, we ask whether £1 million is enough.
Watch out for our upcoming thought leadership campaign “Cost of Living - The Pension Dimension”. Inspired by the Pensions Commission's interim report, and by our conversations with clients and industry bodies, we will explore important questions about the affordability of pension saving and the adequacy of pension benefits.
If you would like specific advice on any of these issues or anything else, please contact a member of our Pensions team.
