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 blog on preparing for the PSA26 changes ahead

On 25 June 2026, TPR launched a new multi-year campaign to ensure schemes are ready for the changes being introduced by the PSA26. In a blog, Kim Goodall-Brown, Director of DC and Master Trust Supervision, outlined TPR’s plans to help DC schemes prepare, including a direct communications programme to set clear expectations, illustrate good practice, provide practical guidance and engage with advisers, administrators and the wider market. Regular emails will be sent to update on the evolving regulatory requirements and to encourage trustees to reflect on their scheme’s ability to comply and start preparing.

Detailed regulations will be required to implement many of the reforms under the PSA26. The timing of these is expected to be clarified in an updated DWP/TPR “roadmap”,  which TPR’s blog says is “coming soon”. TPR has created a new PSA26 webpage, which will be revised as further details of secondary legislation become available.

Pensions UK report on flexible automatic enrolment contributions

On 25 June 2026, Pensions UK published a report examining whether greater flexibility in workplace pension contributions can help reconcile the tension between future retirement adequacy and current affordability within the UK automatic enrolment system.

The report explores a range of policy options, examining each through three lenses: adequacy, sustainability and fairness. The report concludes that no single policy option performs well against all three criteria, as there are trade-offs involved in improving adequacy. However, “the evidence highlights the importance of simplicity, strong defaults and gradual reform” while leaving “the appropriate balance between adequacy, affordability and individual choice” for policymakers to decide.

FCA consults on proposals to support strong, consistent standards in the SIPP market

On 22 June 2026, the FCA published a consultation setting out plans to drive greater consistency of standards in SIPPs, while maintaining the flexibility and broad investment choice they offer. The consultation proposes clear standards of due diligence and stronger requirements for the handling of pension scheme money and assets. The consultation closes on 24 August 2026.

PSA26 provisions on PPF levy in force

The Pension Schemes Act 2026 (Commencement No 1) Regulations 2026 were made on 22 June 2026. These are the first commencement regulations made under the PSA26 and bring section 123 of the PSA26 into force on 29 June 2026.

Section 123 amends the PPF levy provisions in the PA04, giving the PPF greater flexibility to set the PPF levy, including the ability to reduce it to zero when not required and to increase it again in future if needed.

It also introduces a safeguard which caps annual increases in the levy by no more than the sum of the previous financial year’s levy and 25% of the previous financial year’s levy ceiling.

Registered Pension Schemes (Net Pay Arrangements) Regulations 2026

The Registered Pension Schemes (Net Pay Arrangements) Regulations 2026 were made on 22 June 2026 and will come into force on 14 July 2026. They amend section 193A of the FA04, which requires HMRC to make top-up payments directly to individuals who contribute to “net pay” arrangements, to reduce disparities with “Relief at Source” pension arrangements.

Currently, section 193A does not fully address the disparity between net pay and Relief at Source arrangements, as some individuals still receive less relief under net pay arrangements than they would under Relief at Source. These Regulations address this by requiring HMRC to make a top-up payment in these circumstances.

The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2026

The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) Regulations 2026 were made on 22 June 2026 and will come into force on 14 July 2026. These Regulations make further provision in connection with the remedy to address unlawful age discrimination identified in certain public service pension scheme reforms.

TPO publishes updated factsheets

On 24 June 2026, TPO published updated versions of the following factsheets: death benefit lump sums, how to complain about your pension, ill-health pensions and incorrect information about your pension.

Pension schemes newsletter 182

On 25 June 2026, HMRC published its latest pension schemes newsletter. It includes information on:

  • ID verification for individual scheme administrators and practitioners
  • HMRC’s consultation on legislation to address GMP conversion annual allowance issues
  • relief at source
  • tax relief on employee contributions to registered pension schemes, specifically HMRC’s new guidance on reporting requirements for employers for net pay arrangements and Relief at Source, to help ensure contributions are being reported correctly.