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

Further LTA abolition regulations laid before Parliament

Regulations have been laid before Parliament containing the “final set of technical amendments which are necessary to ensure the correct operation of the pensions tax regime” in connection with the abolition of the LTA. This follows three earlier sets of regulations made during 2024.

The latest changes are intended to address a range of issues including the operation of the LSA and LSDBA for lump sums paid from overseas pension schemes to UK residents, certain benefit calculations for members with tax protections, and updates to some tax reporting requirements.

The power to make these regulations was due to expire on 5 April 2026 but was extended by the Finance Act 2026 to 30 June 2026. Most of the provisions are intended to have retrospective effect from 6 April 2024, the date the LTA was abolished, and the regulations must be approved by a resolution of the House of Commons before they are made.

Pensions UK updates retirement living standards

On 3 June 2026, Pensions UK  published its updated retirement living standards. They show an increase in the cost of the “minimum” retirement lifestyle, up to £22,500 for a two person household, reflecting increased everyday costs across spending categories such as food, essential household bills, transport, social activities and hobbies.

Around 82% of the working population are expected to reach the minimum standard of living in retirement, falling to 23% for “moderate” and 9% for “comfortable”. Pensions UK concludes that without greater saving, there is a risk that many will face a significant drop in income when they stop working. The Pensions Commission is “actively considering whether minimum rates of saving within automatic enrolment schemes need to rise in the future”, with its final report with recommendations planned for spring 2027.

The PPI has updated its technical report on modelling of pension policy options for these latest retirement living standards.

DWP publishes partial response to CDC consultation

On 3 June 2026, the DWP published its response to part of its December 2025 consultation on expanding CDC schemes. The response relates to proposed legislation to allow transfers of DC benefits to authorised CDC schemes without consent in certain circumstances, in the same way that such transfers can be made to master trusts.

In response to feedback received, the proposed legislation was amended to clarify that transfers can be made to an authorised CDC scheme or section. The Occupational Pension Schemes (Preservation of Benefit) (Amendment) Regulations 2026 were made on 2 June 2026 and will come into force on 31 July 2026, at the same time as the regulations to enable unconnected multi-employer CDC schemes (see our Hot Topic for more details). The non-statutory guidance on bulk transfers without consent of DC benefits without guarantees has also been updated to reflect the changes.

Transfers without consent are not expected to be permitted to future retirement CDC schemes, since members may not be able to transfer back out if they want. A response to the rest of the consultation is expected this year.

PDP sets up private sector dashboards working group

On 8 January 2026, the PDP published a request for feedback on how to best support the delivery of private sector dashboards, which will operate alongside the MoneyHelper pensions dashboard and are intended to “extend the potential reach of dashboards” and “enable them to be tailored to users’ needs”.

On 4 June 2026, PDP published an overview of the feedback received and set out its plans for engaging industry. The response includes details of how organisations can apply to join the working group.

FCA consults on simpler climate reporting rules

On 5 June 2026, the FCA published a consultation on proposals to simplify its climate reporting rules for asset managers, life insurers and FCA-regulated pension providers.

The consultation proposes replacing detailed product-level reports based on the TCFD recommendations with simpler, more targeted information, in line with the consumer duty. The proposals form part of the FCA’s wider work to streamline sustainability reporting requirements and follow a review of how the current rules are working. The FCA found that while the rules have improved firms’ awareness of climate risks, product-level reports are often seen as too complex by investors and not widely used.

The consultation closes on 13 July 2026 and the FCA aims to finalise and implement the rule change in autumn 2026.

SPP publishes paper on VFM in action

On 2 June 2026, the SPP published a paper on how the VFM framework may evolve into a “practical tool that helps pension savers make better-informed decisions about their retirement savings”. It looks at how value is assessed currently and the development of future policy under the Pension Schemes Act 2026.

PPI publishes report on megafund pension reforms

On 2 June 2026, the PPI published a report, “Assessing megafund pension reforms: Insights from international experience”. The report uses international evidence along with data from interviews with stakeholders from the UK and Australian pension systems to explore:

  • the evidence on strengths and limitations of megafunds
  • whether and how relevant international experience could inform the UK approach to the introduction of scale requirements under the Pension Schemes Act 2026 for certain DC schemes used for automatic enrolment, and
  • the risks, potential benefits, and challenges of the UK megafund reforms.