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

Pensions Commission interim report

The second Pensions Commission was asked to consider how to finish the job the first Pensions Commission began, to deliver an adequate, fair and sustainable pensions system for the future. On 19 May 2026, the DWP published its interim report, setting out the key challenges facing the UK’s current pensions system and where it will focus its work next.

In summary, its findings include:

  • the macroeconomic challenges facing the pensions system are tougher than 20 years ago
  • the State Pension is delivering what the first Commission recommended, but private pensions are not doing enough
  • the wider pensioner benefits system was not designed for today’s challenges
  • AE has increased saving, but not enough for lower and middle earners
  • many people are undersaving or not saving at all, and / or not working long enough to build adequate pensions, and
  • decumulation choices have a decisive impact on people’s retirements and stronger guardrails are needed.

Broadly, the Commission concludes that responsibility for long-term retirement adequacy must be balanced between the state, employers and individuals and the “key role” for its next report is to “get this balance right and consider the details of potential policy changes”.

The final report with recommendations is planned for spring 2027.

TPR publishes AI plan

On 20 May 2026, TPR published its AI plan. Recognising AI’s “transformative potential”, the plan sets out its initial expectations for how trustees should govern the use of artificial intelligence (“AI”) and TPR’s areas of focus.

TPR’s expectations for schemes include establishing clear governance and accountability for AI use, carrying out rigorous testing and identifying and evaluating risks.

More detailed guidance on the responsible adoption of AI for pension schemes is expected later this year, following engagement with the pensions industry on its use in schemes and their supply chains. Alongside work with the FCA, TPR also plans to work with the industry and government to “strengthen trusteeship and governance standards, so the sector is prepared for ongoing reforms” and any further changes arising from the DWP’s consultation on trustees and governance.

HMRC consultation on information sharing regulations for IHT changes

Following its recent technical note on the pension IHT changes which come into force on 6 April 2027, HMRC has published draft regulations for a technical consultation.

The proposed legislation is intended to facilitate the tax changes by requiring pension providers and personal representatives to share information with each other, as well as with pension beneficiaries and HMRC, in respect of the deceased’s pension assets.

This consultation closes on 11 June 2026, with the regulations expected to be finalised later this year.

FRC finalises guidance for actuaries on Virgin Media remedy

On 22 May 2026, the FRC published its finalised guidance on the Virgin Media remedy. The guidance aims to support pension scheme actuaries in providing retrospective confirmation under the Pension Schemes Act 2026 to validate certain historic changes to pension scheme rules. Originally published in draft in January 2026, the finalised guidance introduces minor amendments to wording and references to ensure clarity and alignment with the final legislation.

See our latest Hot Topic for details of the remedy and next steps for affected schemes.

Pensions UK report on UK investments

Pensions UK has published a new report, “2030 Ready: From commitment to deployment: Scaling pension fund investment in the UK economy”, looking at what needs to happen in practice for pension schemes to invest more in UK growth assets while delivering good outcomes for savers. This is accompanied by a call to action calling for “clearer end-to-end pathways” for investment.

ICO blog on new complaints process

On 19 May 2026, the ICO published a blog on the new data protection complaints process requirements in force from 19 June 2026. The ICO encourages use of its guidance on what data controllers must, should and could do to comply.

PPI and DWP publications on pension saving patterns

On 20 May 2026, the Pensions Policy Institute published its fourth report in a series titled “From Payslip to Pension: Life Course Impacts on Retirement Saving Among Low Earners”, which explores what pension incomes, and retirement needs, different low earner profiles are projected to have under current policy. This report explores options for reforms to automatic enrolment thresholds and contribution structures. This followed publication on 18 May 2026 of a DWP research report exploring how labour market histories and life events are associated with pension saving in the UK and differences in retirement outcomes later in life.