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

Joint consultation on detailed rules for new VFM Framework

On 8 January 2026 the FCA, the DWP and TPR published a joint consultation on detailed proposals for the new value for money (“VFM”) framework for DC schemes (the “Framework”).

This “fairly technical” consultation is the latest step in joint work by the FCA, the DWP and TPR towards the new market-wide Framework. Once implemented, all schemes in scope will be required to report on a range of metrics and to use this data to assess the value of their offering against comparators. If a scheme offers poor value, firms and trustees must drive improvements or transfer members to “a value rated arrangement”.

The consultation sets out the proposed rules and guidance that will apply to default and “quasi-default” arrangements of FCA-regulated workplace DC schemes, but with metrics and concepts intended to be suitable for application across the whole DC pensions space. It includes a response to the FCA’s 2024 consultation, with some changes made to the proposed rules. Key changes include an expanded four-part colour rating to show the outcome of VFM assessments, and an online central database to disclose VFM data.

The Pension Schemes Bill currently progressing through Parliament includes the legislative powers to mandate the Framework for trust-based schemes. FCA rules will introduce the Framework for contract-based schemes. DWP and TPR consultations on draft regulations and supporting guidance will follow, with further FCA consultation likely before the rules are finalised. Input on the consultation is invited from stakeholders in the trust-based pensions industry to help shape the DWP regulations.

The consultation closes on 8 March 2026. The first VFM assessments are expected in 2028, depending on the timing of the Pension Schemes Bill receiving Royal Assent.

For more information, please see our Alert.

PDP proposes approach to deliver private sector dashboards

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

Whilst PDP’s “immediate focus” remains the successful connection of providers and schemes to the dashboards central digital architecture and the MoneyHelper Pensions Dashboard, it is “committed” to ensuring that PSDs will be delivered. The request for feedback sets out PDP’s proposed industry/voluntary participant engagement model to help bring PSDs to market. It closes on 10 February 2026.

Pensions Commission final report due in first half of 2027

Torsten Bell, the Pensions Minister, confirmed in a written parliamentary answer on 7 January 2026 that the Pensions Commission is expected to submit its final report to the Government in the first half of 2027.

The Commission was launched in July 2025. Its remit includes exploring how to improve retirement outcomes and proposals for change beyond the current Parliament, to deliver financial security in retirement through a pensions framework that is “strong, fair and sustainable”.