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

FCA launches consultation on targeted support

Building on its consultation last year, the FCA launched a consultation on its proposed regulatory framework for “targeted support” on 30 June 2025. Targeted support is aimed at the gap between existing guidance-based services and more bespoke advice and would enable authorised firms to make suggestions that have been developed for a group of consumers who share similar circumstances and characteristics.

The consultation also sets out the FCA’s “early thinking and its direction of travel” on simplified advice and clarifying the Advice Guidance Boundary.

The deadline for responses is 29 August 2025, with the FCA aiming to publish the final rules by the end of 2025.

TPR encourages the investment industry to “innovate”

In a speech on 26 June 2025, Nausicaa Delfas, TPR’s Chief Executive, challenged investment managers to play their part in the “pensions revolution”. Investment managers should bring forward new funds and investment products which “deliver long term value”, helping trustees to diversify their investments to deliver “better outcomes for savers” .

Julian Lyne, Interim Executive Director of Market Oversight, gave a speech on the same day continuing TPR’s recent messaging on data quality, innovation and VFM.

Government publishes consultation on climate-related transition plan requirements

On 25 June 2025, the Department for Energy Security and Net Zero published a consultation on how the Government can fulfil its manifesto promise of requiring financial institutions (including pension funds) to develop and implement credible transition plans that “align with the 1.5°C goal of the Paris Agreement”. The DWP has asked TPR to assess the practicalities of transition plans for pension schemes. TPR is organising a working group and will present its findings to the DWP “later this year”.

In addition, the DWP plans to undertake a review of the climate-related governance and reporting regulations this year, reviewing the impact of the current disclosure regime and considering potential next steps.

European Commission extends UK adequacy decisions

The European Commission announced on 24 June 2025 that it has extended its adequacy decisions with the UK under the GDPR for a period of six months. The adequacy decisions were due to expire on 27 June 2025 but will now remain in force until 27 December 2025. The extension allows the continued free-flow of personal data from the EU to the UK while the European Commission determines whether the framework under the Data (Use and Access) Act 2025 continues to provide “an adequate level of protection for personal data”.

PDP publishes blog on its data protection impact assessment

PDP has published a blog on its recent data protection impact assessment (“DPIA”), reminding schemes that they need to “carefully consider” their own DPIA responsibilities when meeting their data protection obligations in relation to dashboards.

TPR appoints new Interim Chair

On 23 June 2025, the DWP announced the appointment of Kirstin Baker as the new Interim Chair of TPR, succeeding Sarah Smart who has held the post of TPR Chair. The appointment takes effect from 1 August 2025.