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 blog on adequacy gap

On 13 August 2025, TPR published a blog on the challenges faced by DC savers caused by an “adequacy gap” as savers need more help and support at retirement than they are receiving. Patrick Coyne, TPR’s Interim Director of Pensions Reform, encouraged trustees to “consider their decumulation strategies now to deliver better retirement outcomes”.

Recently published research shows that of more than 4,000 people surveyed, who were aged between 40 and 75, 56% did not have a clear plan on how they would access their pension. Trustees should be “aligning messaging, reviewing decumulation options, and training customer support teams” so that they can be ready to help savers. Trustees are also urged to engage with the FCA’s consultation on targeted support and the Pensions Commission to “shape how guidance is delivered in practice”.

FCA transfer process review

The FCA published its findings following a review of 18 life insurers’ pension transfer processes on 15 August 2025. The review examined the average time firms took to complete a pension transfer, how they monitored and delivered their transfer processes and the challenges faced in delivering good customer outcomes.

The findings suggest that firms are “well-intentioned” and that three-quarters of firms completed all transfer requests, on average, within 20 days. However, in some circumstances applying additional steps and checks can “reduce the risk of customer harm and support good outcomes”.

TPO chair reflects on first few months

On 14 August 2025, TPO published a blog in which its chair, Deborah Evans, reflected on her first few months at the organisation. The blog discusses the publication of the annual report and accounts, its corporate plan for 2025/26 and its corporate strategy for 2025 to 2028.

State pension age call for evidence

The DWP launched a call for evidence on the third review of the state pension age on 18 August 2025. The call for evidence seeks views and evidence on the key factors that the Government should consider when determining state pension age. The call for evidence closes on 24 October 2025.

TPR enforcement action

On 14 August 2025, TPR published a report outlining how it brought criminal proceedings against one trustee, and regulatory proceedings against a second trustee, who had each played a “key role” in making illegal loans and a further investment from a company pension scheme to individuals connected to the employer. One received a 10-month suspended prison sentence,150 hours of community service and was ordered to pay £1,000 in prosecution costs, while the other was fined £29,000.

Gaucho Rasmussen, TPR’s Executive Director of Regulatory Compliance, said: “The pensions system depends on savers having confidence that trustees act with integrity, put members’ interests first, and possess the right knowledge and skills.  When trustees flout investment rules or fall short of expected standards, it undermines that confidence. That’s why we acted to replace them and pursued both criminal and regulatory sanctions”.