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
- DWP confirms surplus measures will be included in the Pension Schemes Bill
- PASA publishes new Guidance on Identity Management and Assurance
- PDP blog – Reflections on progress and the road ahead for pensions dashboards
DWP confirms surplus measures will be included in the Pension Schemes Bill
On 21 May 2025, the DWP issued a press release commenting on the strength of current funding positions of most DB schemes and referencing the Government’s planned measures on surplus extraction.
According to the DWP, currently “many schemes cannot access their surplus – but the forthcoming Pension Schemes Bill will allow Pension trustees and the sponsoring employers to safely release some surplus to invest back into their businesses and unlock more money for pension scheme members. The upcoming changes will focus on member protection, and trustees will continue to be required to fulfil their duties towards scheme beneficiaries”.
The Government also anticipates publishing a full response to its consultation on how pension scheme surpluses should be treated “in the coming weeks”.
PASA publishes new Guidance on Identity Management and Assurance
On 22 May 2025, PASA published new guidance on Identity Management and Assurance, addressing growing risks and challenges across the pension lifecycle. The Guidance sets out best practices for administrators to mitigate identity-related fraud, bolster member protection, and future-proof processes in an increasingly digital landscape. It also highlights the importance of tailoring identity approaches to individual scheme circumstances, and of working with professional advisers to manage specific vulnerabilities.
Topics covered include identity proofing, verification and authentication methods, as well as multi-factor authentication and biometric solutions.
PDP blog – Reflections on progress and the road ahead for pensions dashboards
On 21 May 2025, Chris Curry, Principal of PDP issued a blog sharing reflections on the latest progress update report on pension dashboards and looking ahead to the second half of 2025.
