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

Pension Schemes Bill: mandation power

The Pension Schemes Bill is designed to “transform the £2 trillion pensions landscape to ensure savers get good returns for each pound they save, and drive investment into the economy”. As part of this drive, the original draft of the Bill included provision for the Government to set quantitative baseline asset allocation targets for authorised DC master trusts and GPPs used for automatic enrolment (referred to as a “mandation power”). See our blog for further detail.

The power has been the subject of significant debate. After the House of Lords voted to remove it from the Pension Schemes Bill, the Government has published a revised clause which would limit the power to no more than 10% of total assets in default funds. In addition, no more than 5% could be required to be held in UK-based investments.

This is more closely aligned with the Mansion House Accord, where 17 pension providers made a voluntary commitment to the “ambition of” allocating at least 10% to private markets across all main DC default funds by 2030, and within that, at least 5% of the total going to UK private markets, assuming a sufficient supply of suitable assets.

The Pension Schemes Bill will return to the House of Commons for consideration of the latest amendments on 15 April 2026.

Call for evidence on TUPE

On 8 April 2026, the Government published a call for evidence on the Transfer of Undertakings (Protection of Employment) Regulations 2006 (“TUPE”). TUPE often applies on a transfer of a business. Its effect is to provide that the obligations of the old employer are transferred to the new employer as though the contract of employment (and rights and obligations arising from the employment relationship generally) had been made directly between that new employer and the transferring employees. In general, pension benefits do not transfer as TUPE contains an exemption in respect of benefits under occupational pension schemes relating to “old age, invalidity or survivors”.

As part of its Plan to Make Work Pay, the Government intends to update TUPE to “support growth through facilitating smoother mergers and acquisitions” and strengthen existing rights and protections for workers. The call for evidence will help inform development of this policy. In relation to pensions, it calls for views on the extent to which pension rights are sufficiently protected under TUPE.

The call for evidence closes on 1 July 2026.

MoneyHelper guide for members on accessing pensions

MoneyHelper has published a new step-by-step guide on “how to take your pension”, replacing its previous guidance on pension choices. The guide aims to help members plan how to take their pension before they retire, with signposts to other resources. There is a reminder to members to not access a pension if they feel pressured or unsure.