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

DWP and TPR publishes papers on new scale requirements for DC master trusts

On 9 March 2026, the DWP published guidance setting out its policy principles on the scale and consolidation measures for DC schemes under the Pension Schemes Bill, which will require in-scope multi-employer DC schemes to operate a main scale default arrangement (“MSDA”) holding at least £25 billion in assets from 2030, in order to qualify to receive automatic enrolment contributions.

The guidance sets out detail on the different pathways to meet the scale requirement, including the special measures proposed for:

  • smaller schemes with a credible plan to meet the scale requirement (the “transition pathway”) and
  • new schemes with no existing members offering an “innovative product design” (the “new entrant pathway”),

where certain requirements are met.

On the same day, TPR published a statement for trustees of DC master trusts which builds on the DWP’s guidance. Intended to “support a smooth transition to scale”, the statement encourages master trust trustees to evaluate their potential to grow to scale, develop evidence-based projections and review their operational readiness for the challenges and opportunities ahead.

It also recognises that employers and employee benefit consultants play a key role and sets out a range of factors employers and their advisers are expected to consider when selecting or reviewing a master trust, “focused squarely on saver outcomes”.

Detailed consultation on regulations is expected, including on the assets that may count towards the MSDA threshold.

TPR issues scam alert

On 11 March 2026, TPR issued a new scam alert, warning that fraudsters are posing as pension savers to gain access to their pensions. The alert urges the industry to tighten security measures to better protect scheme members following a spike in reports and a heightened risk to members who now reside in Africa.

TPR’s recommendations include:

  • immediately report any suspected fraud to Report Fraud
  • review identity and verification checks
  • review data security for letters and documents that are posted to overseas addresses
  • encourage members to strengthen online security by adopting two-step verification and using stronger passwords, and
  • signpost members to resources such as Stop! Think Fraud.

This alert comes alongside the Government announcing a new and expanded fraud strategy, including a new online crime squad, which has been welcomed by the Pension Scams Action Group.

FCA publishes first pensions Regulatory Priorities report

On 10 March 2026, the FCA published its first annual Regulatory Priorities report for the pensions sector, intended to help firms understand what the FCA expects and where to focus.

Subject to the Pension Schemes Bill, wider Government timings and any new priorities, plans for the year include:

  • publishing final rules for the VFM framework in Q4 2026 (subject to feedback to the recent joint consultation), after a further consultation in Q2 2026
  • publishing a discussion paper on retirement journeys as part of work related to the guided retirement measures in the Pension Schemes Bill in Q2 2026
  • consulting on simplifying and consolidating investment advice rules and guidance in the first half of 2026, and
  • consulting on allowing flexibility to charge higher performance fees (subject to appropriate consumer protection) in Q2 2026.

PASA publishes further guidance on trustee – administrator relationships

On 10 March 2026, PASA published new guidance on appointing administrators, exploring the considerations trustees should address before, during and after a market review. The guidance includes potential questions for current and prospective administers and a structured approach for trustees to assess their current position regarding their scheme’s administration. This is the second part of a new four-part series on trustees and administrators.

PDP video on data flow in the pensions dashboards ecosystem

On 10 March 2026, the PDP posted a video explaining how information moves through the pensions dashboards ecosystem and how it is kept secure. Aimed at dashboards users, the video illustrates the journey of a user’s data when they access a pensions dashboard, outlining the roles of dashboards, the central services managed by MaPS, pension providers and schemes, and the DWP.