7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.

In this 7 Days

DWP consultation on trustee governance

The DWP issued a consultation on 15 December 2025 on trustee governance in trust-based pension schemes. It aims “to identify measures that can raise the standards of trusteeship, governance and administration of trust-based workplace pension schemes”.

The consultation closes on 6 March 2026.

For further details, please see our forthcoming Alert.

HMT and FCA targeted support updates

On 11 December 2025, HMT published a response to its policy note on targeted support. Targeted support is aimed at the gap between existing guidance-based services and more bespoke advice and would enable authorised firms to make suggestions that have been developed for a group of consumers who share similar circumstances and characteristics.

On the same day, the FCA published a policy statement on the “near-final rules for a new regulatory framework for targeted support in pensions and retail investments” as well as two joint statements with regulatory partners. The first with the FOS, which clarifies how the FCA and the FOS will work together in the event of future complaints relating to targeted support. The second with the ICO, on how firms can communicate with consumers in the context of existing direct marketing rules.

The FCA confirmed that it is on track to enable firms to begin applying for permission to provide targeted support from March 2026, before the new rules come into effect, subject to legislation. It expects the rules to take effect from 6 April 2026.

FCA consultation on digital pension planning tools

The FCA published a consultation on 11 December 2025 on rules to “better support” consumers using digital pension planning tools and consumers making non-advised decisions to transfer DC pensions. The consultation follows a discussion paper published in December 2024.

The FCA published the consultation at the same time as the “near-final” rules on targeted support so stakeholders can consider the proposals in light of these new rules.

The consultation closes on 12 February 2026, with the FCA aiming to publish a policy statement with final rules in the latter half of 2026.

TPR revised administration guidance

On 9 December 2025, TPR published revised guidance to help schemes ensure high-quality administration and to meet regulatory expectations. The revised guidance follows TPR’s recent market oversight report and recognises that, having once been seen as a “back-office function”, administration is now a “critical driver of good outcomes” for members. The guidance sets out practical steps that trustees and managers can take to meet the expectations in the administration module of TPR’s general code.

See our Alert for more details.

TPR blog on data and digital technology

TPR published a blog on 8 December 2025 explaining how it is “driving a transformation” in how the pensions industry uses data and digital technology to deliver improved outcomes for savers.

TPR has established a new Data and Digital Industry Working Group containing specialists from across the pensions industry including actuaries, trustees, lawyers and representatives of tech firms. The group has three overarching aims:

  • action-oriented guidance: unlock the opportunities for the industry to provide targeted pensions guidance that helps savers make confident decisions
  • maximising data and AI responsibly: help the industry adopt AI in a way that is responsible and ethical, and
  • data standards and a single source of truth: “to embrace the future” it states that it should collaborate on clear, consistent standards for data to enable seamless communication across the industry.

MaPS progress report on pensions dashboards

On 9 December 2025, MaPS published its latest progress update report on pensions dashboards. Updates include:

  • over 60 million (75%) workplace and private pension records are now connected to the dashboards ecosystem. This is in addition to “millions” of state pension records, and
  • the first phase of consumer testing of the MoneyHelper pensions dashboard has seen “good feedback” on the design and satisfaction with meeting user expectation.

Stewardship and Voting Guidelines 2026

Pensions UK published its Stewardship and Voting Guidelines 2026 on 11 December 2025. The guidelines set out “strengthened expectations” for how schemes can “protect and enhance long-term value in a rapidly changing investment environment”. They retain the “broad structure” of previous years but include enhanced narrative, updated voting recommendations and a new section on key emerging themes from the 2025 voting season “to help pension schemes navigate a more complex landscape”.

FCA letter confirms it will consult on the pension charge cap

Nikhil Rathi, the FCA’s Chief Executive, sent a letter to the Prime Minister on 9 December 2025 providing an update on the actions the FCA has taken to support growth.  Amongst its plans for next year, the letter states that the FCA is aiming to consult on the pension charge cap so that “consumers are not disincentivised from investments due to higher performance fees”.