7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.

In this 7 Days

Pension fund clearing exemption made permanent

Pension funds have a temporary exemption from the obligation to clear certain derivatives contracts. This exemption was made in recognition that clearing contracts through a central counterparty, which typically requires collateral to be provided in cash, could cause particular challenges for pension funds.

Draft regulations have been published which will remove the exemption’s current expiry date (18 June 2025), as well as the ability for HMT to extend the exemption, as this will no longer be necessary. This policy will, however, be kept under review in coordination with the UK regulatory authorities.

TPR blog on tackling “unfinished business” in pensions

On 12 June 2025, TPR published a blog by its Chief Executive, Nausicaa Delfas, on how it is working to address “unfinished business” in the pensions system. It reminds the industry of the recent DB endgame guidance, its innovation support service and its planned trusteeship strategy. It also urges “everyone” working in the pensions industry to think about their own role in making the reforms in the Pension Schemes Bill a success.

TPO update on its operating model review

On 9 June 2025, TPO published an update on its operating model review improvement programme. Despite the number of new complaints growing by “much more than expected”, a “record volume” of complaints were concluded during the 2024/25 year. More detail on its performance will be set out in its annual report and accounts, due later this year. Looking ahead to 2025/26, TPO’s priorities include:

  • providing information and tools to both schemes and individual applicants to “support earlier dispute resolution”
  • expanding the use of expedited Determinations
  • focusing on the “large cohort of complex cases”, by increasing its pensions expertise and using new “innovative ways” of working to streamline and speed up decision-making, including adopting shorter Opinions and Determinations.

TPO will provide more detail on any changes in future blogs.