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 publishes new CDC consultation and revised regulations

On 23 October 2025, the DWP published a consultation seeking views on policy proposals for the creation of a new type of Collective Defined Contribution or “CDC” scheme known as a “retirement CDC scheme” to be used only by pensioner members. The scheme would allow individuals who have saved into a DC scheme to transfer their pot at retirement into a collective fund that “provides a trustee managed income for life, adjusted annually based on investment performance and scheme sustainability”. The consultation closes at 11:59pm on 4 December 2025.

Simultaneously, the DWP published its response to the October 2024 consultation on the draft regulations extending CDC to non-associated multi-employer schemes. The revised regulations have been laid before Parliament and are expected to come into force on 31 July 2026 subject to obtaining Parliamentary approval.

For more information please see our Alert.

TPR publishes its latest DB survey

TPR published the findings from its latest DB survey on 21 October 2025. The report summarises results from the March 2025 survey of trust-based occupational DB pension schemes. Key findings included:

  • consistent with previous surveys, the majority of schemes had a long-term objective and this was typically to buy-out or run on with low dependency on the employer
  • a larger proportion of schemes had a long-term investment strategy than in previous surveys
  • around one in four schemes were attracted to consolidation, and
  • one in three schemes reported that the payment of a surplus to the employer was permitted under their scheme rules, but none of those surveyed had done this in the previous year.

Government intends to consult on £30,000 pension transfer advice threshold

The Pensions Minister confirmed on 20 October 2025 that the DWP intends to consult “in the coming months” on the threshold for requiring pension scheme members to obtain appropriate independent advice on DB to DC transfers, following work with the FCA, the pensions industry and HMT. This follows a review of the regulations in 2023 which “identified potential concerns regarding the cost and availability of independent financial advice”.

PPF publishes its first sustainability report

On 23 October 2025, the PPF published its first Sustainability Report, bringing together its “responsible investment, climate change and operational sustainability actions” into one report.

The report outlines how the PPF invests, with a focus on “delivering the best returns” for its members while “minimising investment risk” and “reducing the impact [its] own activity has on the environment”.

PPI publishes latest DC Future Book

The PPI has published the eleventh edition of The DC Future Book. This year’s edition uses a new format and is presented as a slide deck designed to “make the key trends, data and insights…more accessible and easier to use”. Key takeaways include:

  • 11.3 million employees had been automatically enrolled by June 2025, but 11.8 million workers remain ineligible
  • trust-based DC schemes hold 88% of active memberships compared to 60% in 2023/24
  • most master trust members (73%) and GPP members (64%) remain invested in their schemes’ main default arrangements, and
  • median DC pot sizes have risen steadily to £15,000 in 2024, while total DC assets have “quadrupled” since 2015, reaching £1.2 trillion.