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

In this 7 Days

TPR encourages trustees to respond to the latest VFM consultation

On 22 January 2026, TPR published a blog encouraging trustees to respond to the joint FCA, DWP and TPR consultation on detailed proposals for the new value for money (“VFM”) framework for DC schemes (the “Framework”).

The consultation sets out detailed proposals for how the Framework would apply to FCA-regulated workplace schemes, but with metrics and concepts intended to be suitable for application across the whole DC pensions space. The Framework will be implemented for trust-based schemes through legislation under the Pension Schemes Bill. Trustees’ input on the consultation “will be particularly valuable and timely in developing the legislation” as well as TPR’s regulatory approach.

Alongside the blog, TPR has published a guide to the VFM consultation for trust-based schemes intended to help trustees “understand the proposals in the consultation and engage meaningfully with them”. The guide gives an overview of the Framework, highlighting the proposals which are most relevant to trustees of DC schemes. This includes the arrangements in scope, the metrics used to compare performance and determine if a scheme is providing value, the assessment process and actions for arrangements not delivering value.

The consultation closes on 8 March 2026. See our Alert for more details.

Government responds to petition on pension transfer times

The Government has formally responded to a parliamentary petition calling for action to introduce “clear, enforceable standards for faster electronic pension transfers”. In its response on 21 January 2026, the Government recognised “the importance of efficiency in the pension transfers system” and is “considering how to improve the pension transfer process while maintaining strong member protection”. Following the June 2023 review of the Transfer Conditions Regulations 2021, the Government has been working with the pensions industry to consider changes “to provide a smoother transfer process and proactively respond to any developing risks”. The DWP plans to consult on the outcome of this work “in the coming months”.

PASA digital administration guidance

On 20 January 2026, PASA published new guidance, the second in a three-part series from its Digital Administration Working Group. The first part of the guidance, published in November 2025, focused on “practical direction” for schemes beginning or undertaking digital transformation. Building on this, the latest guidance looks at implementation and is intended to provide “actionable planning strategies for schemes of all sizes and levels of digital maturity”.

PDP blog on data preparation

On 22 January 2026, PDP published a blog on data preparation for dashboards, setting out why high-quality data and a robust data matching approach are important, what schemes and pension providers need to be doing and where to find guidance and support. It highlights that preparation now has potential to “make a big difference in increasing the volume of definite matches and reducing the volume of queries received”.

FRC guidance for actuaries on proposed Virgin Media remedy

Ahead of upcoming legislation under the Pensions Schemes Bill to address issues arising from the Virgin Media case, the FRC published technical guidance on 23 January 2026 to help pension scheme actuaries provide retrospective confirmation to validate historic changes to pension scheme rules.

Practical examples are included to illustrate how to apply a proportionate approach in collecting information and forming judgements when historic records are incomplete. The guidance was published before Royal Assent of the Pension Schemes Bill to give actuaries time to prepare and may be updated as the Bill moves through Parliament.