UK Pensions: What’s new this week? October 12, 2026

TPR speeches on value for money, default pensions and endgame

The Pensions Regulator (TPR) has published two speeches outlining its expectations in relation to key pensions reforms and setting out ways in which schemes should be preparing.

In relation to DC value for money (VFM) requirements, TPR expects schemes to be preparing by getting data in order; reviewing investment strategies to ensure that they are forward-looking and deliver appropriate member returns; and considering whether investment governance and risk management systems allow consideration of all kinds of investments. TPR is working with the Financial Conduct Authority (FCA) and Department for Work and Pensions (DWP) to analyse responses to the consultation on the VFM framework, ahead of publishing final regulations early next year.

On DC guided retirement, TPR encourages schemes to begin thinking about cohorts of members by asking questions about members’ needs and characteristics and establishing what good looks like and how success will be measured. TPR will be consulting jointly with DWP and FCA this autumn, developing a framework to help schemes, with secondary legislation and regulatory guidance.

For DB schemes, TPR’s focus is on endgame and surplus. As a minimum, TPR expects schemes to set a long-term objective; assess all of the available options; and challenge whether current governance structures remain fit for purpose. On surplus, TPR encourages schemes to begin with the question “how do I best secure member benefits and good member outcomes?” The regulations on payment of surplus to employers and members are expected to come into force next April, and TPR will publish guidance for consultation on the factors trustees should consider when assessing DB surplus release.

Read the transcripts for the speeches “New era, new expectations” and “Time to act”.

Dashboards: draft updated reporting standards and new hub

The Pensions Dashboards Programme (PDP) has published a draft updated version of the dashboards reporting standards. The standards set out requirements on pension providers and schemes for generating and recording operational information and reporting it to the Money and Pensions Service (MaPS).

The updated version includes changes to support implementation of daily reporting of data to MaPS. Currently, the standards only require data to be provided to MaPS on request. The intention is that daily reporting will be required from March 1, 2027. The new standards do not change what data is to be generated, recorded and reported; only how the data is to be reported to MaPS.

The PDP has also published a hub for industry containing guidance on pensions dashboards, including updates on the project’s progress; example videos of how the MoneyHelper Pensions Dashboard will look; and information on how to take part in testing.

Read the draft updated reporting standards and visit the PDP’s hub.

TPO: blog post on the ombudsman’s progress and future

The Pensions Ombudsman (TPO) has published a blog post looking at the value that it provides. The blog post describes improvements in TPO’s productivity but highlights that this has been matched by an increase in demand, driven in part by complex, sector-wide issues such as the McCloud remedy and problems affecting the Civil Service Pension Scheme. Early results from TPO’s strategy to improve the guidance and information available to members and industry, with the aim of helping to manage expectations and reduce unnecessary complaints, are “encouraging”. Looking ahead, the blog post outlines TPO’s plans to use automation and AI and work more closely with regulators and schemes to help resolve disputes earlier and reduce the number of complaints.

Read the blog post.