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

TPR updates DB and hybrid scheme return questions

TPR updated the questions included in scheme returns for DB and hybrid pension schemes on 14 November 2025. The two new questions are:

  • Liquidity and Leverage: Schemes will be asked to provide details of pre-agreed asset sale plans and specify the asset classes they plan to sell using prescribed categories, such as money market funds and gilts, and
  • Asset breakdown: Tier 3 schemes will be asked to provide a more detailed breakdown of the unquoted and private equity asset classes, including sub-categories, such as venture capital, private equity and infrastructure equity.

Scheme returns need to be submitted to TPR by 31 March 2026.

APPT publishes updated code for professional corporate sole trustees

On 11 November 2025, the APPT updated its Code of Practice for professional corporate sole trustees of pension schemes. The code was updated in line with updates to and the strengthening of:

  • the standards for professional trustees of occupational schemes (in particular the section which sets out additional standards for professional trustees who act as sole trustee)
  • the APPT Change of Professional Pension Trustee Guidance Note, and
  • TPR’s updated guidance and code(s).

It will be effective from 1 January 2026, to allow time for firms to update their processes and procedures, where required.

PDP publishes blog answering questions on connection

With less than a year until the final connection date for pension dashboards, the PDP published a blog on 13 November 2025 answering frequently asked questions about connection and signposting the support and guidance available.

FRC publishes report on preparing for the new Stewardship Code

On 11 November 2025, the FRC published a report titled ‘Preparing for the UK Stewardship Code 2026: Applying insights from current reporting’.

The report provides practical insights and examples of effective reporting to the 2020 code to help signatories with the transition to the updated code’s “new streamlined reporting structure”. With the aim of supporting a smooth transition, 2026 will operate as a “transition year”, with existing signatories maintaining their status provided they submit their first report to the updated code during their usual application window in 2026.

FSCS publishes its November Outlook newsletter

The FSCS published the November 2025 edition of its Outlook newsletter on 12 November 2025 confirming that:

  • the 2025/26 compensation levy will remain at £356m as forecast in May 2025, and
  • the early forecast of the total levy for 2026/27 is £342m reflecting the changing claims environment. The FSCS currently forecasts lower compensation costs in the Investment Provision class, mainly driven by fewer claims against SIPP operators. A higher opening balance in this class is also anticipated as it carries forward surpluses from 2025/26.

The FSCS will publish its budget update in early 2026 which will provide details of the expected management expenses for 2026/27. These expenses form part of the overall levy and will be consulted on jointly by the PRA and the FCA. The FSCS will confirm the final levy for 2026/27 in May 2026.