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

TPR guidance on AI investment concentration risks

On 22 October 2026, TPR published new guidance to help trustees identify and manage potential “hidden” AI-related investment exposure, as AI becomes “increasingly influential across global markets” and embedded across sectors.

The guide aims to help trustees better understand these newly emerging risks and give practical guidance on how to manage them. It asks trustees to look across their whole portfolio, rather than considering individual funds or asset classes in isolation.

TPR’s expectations include that trustees should:

  • assess total portfolio exposure, including direct and indirect AI-related exposure across asset classes
  • use scenario analysis to test portfolio resilience under severe but plausible stressed market conditions
  • review whether diversification would remain effective if correlations changed during a downturn
  • challenge investment advisers and managers on how market developments could affect the scheme’s investments and objectives, and
  • take proportionate action that reflects the scheme’s circumstances.

TPR assesses new DB superfund

TPR has added the TPT Superfund to its list of assessed DB superfunds, meaning it met TPR’s key expectations as at the date of the assessment and is now in TPR relationship supervision.

PPF will not impose a levy on schemes for 2027/28

On 22 October 2026, the PPF announced that it will not charge a levy for conventional DB schemes in 2027/28, for the third consecutive year. This follows changes made under the PSA26 to give the PPF greater flexibility to set the levy.

The levy for Alternative Covenant Schemes (“ACS”) (arrangements such as superfunds where member security relies on covenant support other than a conventional sponsoring employer) will be paused for one year. This aims to allow time for the PPF to complete its review of the ACS methodology to help “ensure a risk proportionate approach that reflects key developments” including the final shape of the regulatory regime for DB superfunds. Charging decisions for future years “will be informed by market developments” and the outcome of the review.

After a consultation earlier this year, the PPF is also implementing updated actuarial assumptions. Changes to “section 179” assumptions will apply to valuations with an effective date on or after 30 November 2026 to avoid disrupting those already in progress. Updated guidance documents are expected later in the year.

Mansion House Accord: first progress update

On 21 October 2026, Pensions UK published the first update on the Mansion House Accord. The update sets out how signatories to the Accord are progressing towards their ambitions to hold 10% of DC pension assets in private markets, including 5% in UK private markets by 2030 (subject to fiduciary and regulatory duties). It provides an “initial picture” of allocations, the action being taken to build capacity and agree new arrangements, and the practical challenges that remain in increasing investment in UK private markets.

As of 31 December 2025, signatories held £22.1 billion of DC growth-phase assets in global private markets, with £11.1 billion in UK private markets. This equates to 6.6% of DC growth-phase assets invested in private markets, with 3.3% in the UK. Pensions UK notes that these figures are not comparable to the asset allocation survey findings published by TPR and the FCA in July 2026 due to differences in methodologies and scope.

PASA dashboard guidance on resolving possible matches

On 20 October 2026, PASA published new pensions dashboard guidance to help pension schemes, providers and administrators resolve possible matches. A possible match arises where the information a user supplies through a dashboard indicates a potential link to a pension record, but further checks are needed to verify it.

The guidance explores how organisations can balance straightforward user journeys with proportionate verification and the capacity to manage enquiries at scale. It covers contact routes, identity checks, communicating outcomes, handling unresolved cases, data protection and monitoring. It also highlights opportunities to improve underlying data quality.

SPP paper on the future of UK pensions

On 22 October 2026, the SPP published a paper, “What’s Next for UK Pensions?”. The paper makes recommendations which are intended to “stimulate discussion” across Government, regulators, employers and providers and “provide a coherent vision of a pension system that is simpler, more resilient, more inclusive and better focused on delivering good retirement outcomes for future generations”.