UK Pensions: what’s new this week? March 2, 2026

PPF confirms zero levy

The PPF has announced that it will not charge conventional schemes a levy for 2026/27. Schemes will not need to provide voluntary information previously submitted to obtain a levy saving (such as deficit reduction contribution and contingent asset certifications) or data previously submitted directly to the PPF (including asset-backed contribution (ABC) certificates, contingent asset documents, special category employer applications, and exempt transfer evidence).

Schemes will still be required to submit an Annual Scheme Return in full via Exchange, including section 179 valuations and ABC information.

Schemes should also note that the D&B insolvency risk portal will close on April 1, 2026; the PPF recommends downloading any required information by March 31, 2026.

Read the announcement

PASA: Final instalment of digital transformation guidance

The Pensions Administration Standards Association (PASA) has published the third and final part of its series of guidance on delivering effective digital transformation in pensions administration. This instalment focuses on how trustees and administrators can translate strategy into practical delivery.

Key themes include:

• ‘Saver centricity’: The guidance emphasises placing the saver experience at the heart of digital design.
• Tailored approaches by digitisation maturity: The guidance distinguishes between New Entrant, Mature, and Super Mature schemes, offering specific strategies for each—from establishing trust and basic self-service tools to deploying AI-enhanced decision support and behavioural analytics.
  
• Change management: PASA outlines a structured four-phase approach covering readiness, awareness, capability-building, and embedding change into operations.
• Iterative delivery: PASA recommends an iterative and incremental approach, rather than ‘big bang’ implementations, enabling gradual modernisation while maintaining operational stability.

Read the guidance

SPP examines covenant assessment 'myths'

The Society of Pension Professionals (SPP) has published new guidance examining what it believes are common misconceptions around covenant assessment under the new DB Funding Code, following over a year of practical experience since the Code’s introduction. The guidance addresses several ‘myths’, including that:

• covenant requires significantly more work and advice under the new funding regime
• the Funding Code will lead to increased tension between trustees and sponsors over the long-term objective
• covenant does not matter beyond low dependency
• liquid assets cannot be taken into account when considering what supports a scheme’s risk in a stress event.

The SPP emphasises that covenant remains essential and shouldn’t be seen as a box-ticking exercise.

Read the guidance