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

HMRC publishes pension schemes newsletter 185

On 24 September 2026, HMRC published pension schemes newsletter 185. It includes information on:

  • plans to legislate to simplify the taxation of certain lump sum death benefits paid in excess of the lump sum and death benefit allowance. Income tax due on these payments will still be charged at the beneficiary’s marginal rate, but the amount above the allowance will no longer count as pension income for other tax purposes. The change is not expected to affect the existing reporting requirements for pension schemes or legal personal representatives
  • filing deadlines for pension scheme returns for wound-up schemes
  • the closure of the pension schemes online service, and
  • relief at source.

TPR report on private market investment

On 21 September 2026, TPR published its latest market oversight report, showing pension schemes “want to invest in private market assets, but are facing barriers including capability and knowledge gaps, fees and a lack of suitable investment opportunities”. The research highlights the practical challenges preventing schemes from investing capital at the pace and scale they could while continuing to deliver good outcomes for members.

Findings included that, as schemes “gain greater scale and capability”, they are likely to be better placed to access a wider range of private market investment opportunities. TPR encourages trustees to “work with advisers and assess whether they have the scale, expertise and governance capabilities needed to invest, starting with member outcomes, scheme strategy and risk profile, and to plan ahead for how their scheme may change over the next five to ten years”.

TPR updates master trust scheme financial template

Following the publication of guidance on regulatory capital reserving requirements earlier this year, TPR has made some minor updates to the scheme financial template (“SFT”) used to help master trusts demonstrate they meet (or continue to meet) their financial sustainability requirements. The changes apply for submissions made from 1 September 2026 onwards. TPR has also updated its guide to completing the SFT.

The updates are intended to “improve clarity” and facilitate the publication of annual data on reserving in 2027. DC master trust schemes should ensure that the revised template is incorporated into their sign off and reporting processes ahead of their next SFT submission.

IFoA report on guided retirement behaviour

On 23 September 2026, the IFoA published a report looking at how members might behave in relation to different default guided retirement solutions and examining how they should be designed to meet the aims of guided retirement.