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

PPF confirms zero levy for 2026/27

Reflecting “the evolution of risk” in the DB sector, the PPF announced on 26 February 2026 that it will set a zero levy for conventional schemes for the second consecutive year. “Conventional” refers to those DB schemes with a substantive sponsoring employer, and includes almost all of the c.5,000 remaining DB schemes in the UK.

The levy consultation set out that the zero levy was dependent on the progress of the levy measures contained in the Pension Schemes Bill (see our Hot Topic for more details). The PPF Board is “reassured by the consideration given to the changes needed to conclude its decision making”.

The PPF will continue to apply an Alternative Covenant Schemes levy in 2026/27, given the evolving framework for superfund and the sector’s “potential for significant growth”. Its policy statement and final rules for the 2026/27 levy are expected next month.

Latest version of the Pension Schemes Bill published

The Pension Schemes Bill continues its passage through Parliament. The committee stage in the House of Lords ended on 23 February 2026, and the latest version of the Bill was published. The report stage, a further chance to examine the Bill and make changes, is scheduled to begin on 16 March 2026.

HMRC update on NMPA increase

On 27 February 2026, HMRC published pension schemes newsletter 178. It includes an update on the NMPA increase from 55 to 57 on 6 April 2028.

Work is ongoing on the transitional regulations that will support the implementation of the NMPA increase. These regulations are intended to ensure that individuals who are entitled to and have already begun receiving their pension benefits can continue to do so without interruption. HMRC will share further details in a future newsletter “as soon as the draft transitional regulations are ready for technical consultation”.

In the meantime, HMRC refers pension scheme administrators to its guidance on retaining a protected pension age (“PPA”) after an individual transfer or a block transfer in PTM062240 and PTM062215. Schemes are encouraged to inform members of any potential NMPA considerations associated with transferring their benefits, including giving receiving schemes information retrospectively where details of PPAs attached to past transfers have not already been shared. This is intended to support schemes and members in holding accurate PPA information ahead of 6 April 2028.

PASA publishes third part of its digital administration guidance

On 26 February 2026, PASA published the third and final part of its guidance on digital administration. This publication, “Implementing Saver-Centric Digital Administration”, looks at delivery of a digital transformation strategy. It encourages schemes to focus on continuous improvement by adopting “incremental, component-based approaches” while maintaining “stability and compliance”.

FCA announces new Regulatory Priorities reports

In a blog published on 24 February 2026, the FCA outlines its new Regulatory Priorities reports which will replace the portfolio (“Dear CEO”) letters. The new reports, which will be updated annually, are intended to be clearer, quicker and easier to navigate. The FCA expects boards and CEOs to review and act on them. A report setting out specific key priorities for the pensions sector is expected in March 2026.