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 consults on new enforcement strategy

On 16 September 2025, TPR launched a consultation on its new enforcement strategy. The strategy is intended to reflect TPR’s evolution into “a more proactive, prudential regulator” and “to introduce a more focused, agile and outcome-driven model”.

TPR is seeking views from across the industry to test the clarity of its approach to ensure it is proportionate, transparent and effective.

The consultation closes on 11 November 2025 and TPR plans to publish its final strategy and a summary of consultation responses in early 2026. Later that year, it will review its published policies to ensure they are aligned with the new strategy and consult on any necessary changes.

Pensions UK publishes Small Pots Feasibility Review

Pensions UK published the Small Pots Feasibility Review on 16 September 2025. The review was commissioned to assess whether the Small Pots Data Platform (SPDP) can be delivered to support the Government’s multiple default consolidator model (as set out in the Pension Schemes Bill). Its goal was to determine the most practical, cost-effective, and scalable digital solution to consolidate millions of deferred small pots by 2030.

The review found that a “united, industry-delivered model” offers a “feasible and cost-effective solution” for implementing the SPDP in the required timescale.

A second phase of work will be required to refine technical standards, governance arrangements, consumer protection and implementation phasing.

PASA issues new dashboards toolkit on warnings and unavailable codes

On 17 September 2025, the PASA Dashboards Working Group, in consultation with the PDP and MaPS, announced it has produced a new toolkit which provides trustees, scheme managers and providers with practical support on applying consistent approaches to wrong and unavailable codes across pensions dashboards.

The toolkit is intended to offer clarity on:

  • when to apply specific “Unavailable codes” (e.g. pending calculations, outstanding transactions, new joiners, AVCs, or schemes in wind-up)
  • good practice in the use of “Warning codes” (e.g. deferred benefits, scheme pays adjustments, earmarking/sharing orders, underpin benefits)
  • supporting savers where value data can’t be updated immediately, including alignment with regulatory 3/10-day service level agreements, and
  • ensuring communication strategies anticipate and explain dashboard delays or exceptions.

TPR publishes LDI market oversight report

TPR published a market oversight report on 18 September 2025 which sets out the steps pension schemes and the investment industry have taken to improve operational resiliency.

In brief, TPR concludes that the “LDI sector has made significant steps to improve resilience following the gilt crisis in 2022. Regulatory intervention, strengthened governance and enhanced risk management practices have strengthened the sector’s ability to withstand market shocks. Key areas of improvement include:

  • compliance with interest rate buffers
  • improved recapitalisation processes
  • increased focus on liquidity.”

TPR also explains that its data highlights areas where greater focus is needed in the future, including:

  • diversification of collateral assets, and
  • resilience testing to ensure robust risk management in adverse market scenarios.

MaPs publishes strategic plan

On 18 September 2025, MaPS published its strategic plan for 2025-28 outlining its refreshed mission, vision and strategic priorities. The new plan demonstrates how MaPS will support the Government’s mission to “raise living standards and kickstart economic growth” by committing to help people make informed financial decisions, navigate financial challenges, and prepare for later life. Delivering the MoneyHelper Pensions Dashboards is part of this commitment.