UK Pensions: Joint DB and DC trustee agenda update—March 2026

Guidance on Virgin Media confirmations

The Financial Reporting Council (FRC) has published non-mandatory guidance for actuaries on giving confirmations under the Pension Schemes Bill (PSB) to validate historic alterations. This follows the Virgin Media decision, which held that historic variations to certain contracted-out schemes were void where it could not be shown that a necessary actuarial certificate had been provided.

The FRC guidance encourages actuaries to take a proportionate approach in assessing whether they can give a confirmation. It sets out factors actuaries should consider when deciding how much data they need, and includes helpful examples.

Action: Unless there is a need to address Virgin Media issues quickly, keep a watching brief: the provisions of the PSB are still to be finalised; TPR guidance for trustees has been promised “in spring”; and a court decision is awaited which may impact which amendments need confirmation.

New data complaints processes required

Most of the provisions of the Data (Use and Access) Act 2025 (DUAA) have now been brought into force. These changes include a requirement for data controllers to have a process in place to deal with data protection-related complaints from June 19, 2026. This includes: providing a complaint form which can be completed electronically; acknowledging receipt of the complaint within 30 days; and responding to the complaint without undue delay.

Action: Ensure appropriate processes are being put into place to identify and respond to complaints in line with these requirements. Note other DUAA changes.

TPR: revised administration guidance

TPR has published new guidance outlining steps that trustees, scheme managers and administrators should take to comply with the administration module of its Code of Practice.

The guidance applies to both DB and DC schemes, replacing a previous DC-only version.

It sets out more detailed requirements for schemes, including formal policies and prioritising data, a stronger IT/automation/cyber focus, and tighter administrator engagement and oversight.

Action: Review the new guidance to identify further steps that could be taken to improve governance of scheme administration—schemes undertaking their own risk assessment may wish to build some of these steps into their future plans.

Autumn budget—pensions announcements

The Chancellor announced in her autumn Budget the introduction from April 6, 2029 of an annual cap of GBP2,000 on the amount of pension contributions that are exempt from National Insurance Contributions (NICs) through salary sacrifice. Draft legislation has been published on this. The Budget also announced changes to earlier proposals to bring pensions into the scope of inheritance tax (updates to the previous draft legislation have been published) and that it will make changes to allow payments from scheme surpluses to be made directly to members from April 2027.

Action: Employers operating salary sacrifice may want to review these arrangements. Keep a watching brief on inheritance tax and surplus changes.

Family leave changes

A number of changes are being made to family leave, including introducing new entitlements to paternity leave on the death of the mother/adopter of a child and changing parental and paternity leave criteria.

Action: We expect the changes to flow through automatically in most scheme rules but schemes and employers should make sure family leave policies and procedures reflect these updates.

TPO factsheet on overpayments

The Pensions Ombudsman (TPO) has published a factsheet for members on what happens when a pension has been overpaid. TPO is asking schemes to share this information with members.

Action: Check whether administrators are updating processes to provide this information.

Have your say

• The Money and Pensions Service (MaPS) is consulting on dashboards reporting standards. The proposed changes are largely aimed at requiring daily, automated reporting of data. The consultation closes on March 25, 2026.

Watch this space

• The Pensions Minister has announced that he intends to consult on legislation that will allow the government to develop statutory guidance for trustees on their fiduciary duties, aimed at supporting trustees in considering factors including systemic risks (such as climate change) and members’ standards of living.
• The government has announced that it intends to consult in the coming months on issues around transfer advice, potentially including the cost and availability of independent financial advice and the GBP30,000 threshold that triggers a requirement for independent advice on a DB transfer.
• There is currently no date for revised regulations on changes to the notifiable events regime.

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