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 proposed Virgin Media remedy

TPR published guidance on 26 March 2026 relating to the proposed Virgin Media remedy under the Pension Schemes Bill. This guidance aims to remind trustees of their statutory duties and sets out TPR’s expectations for complying with the legislation, with practical tips to make a reasonable decision on whether to use the remedy. It follows guidance issued by the FRC for actuaries.

TPR’s expectations include that trustees should:

  • speak to their scheme actuary to establish whether they believe they already have sufficient information. Trustees are not expected to carry out exhaustive searches before their actuary undertakes the remediation work
  • agree a practical and realistic timescale for work with the scheme actuary, according to their scheme’s specific circumstances, and discuss the timing with sponsoring employer(s)
  • if remediation work is not carried out immediately, ensure that document retention policies will not cause the destruction of relevant records until the matter can be resolved, and
  • consider the extent to which any findings in relation to the validity of any affected alteration may affect the funding position of the scheme.

As the Pension Schemes Bill is still subject to change, the guidance will be updated to reflect the version which receives Royal Assent.

FCA consults on simplified advice

On 25 March 2026, the FCA published a consultation on changes to make it easier for advisers to give more simplified forms of individualised financial advice. This is intended to complement existing advice and guidance, as well as future targeted support services (see our Hot Topic), and represents the final step in the FCA’s advice guidance work programme. The consultation closes on 22 May 2026.

The FCA “remains committed” to taking forward a review of the advice guidance boundary, but no timing is given for this.

Pensions dashboards progress continues

A blog published on 20 March 2026 outlines how “phase 2” of pensions dashboards testing will be carried out and explains how pension providers and schemes can help by encouraging their members to take part.

The PDP is also consulting on the reporting standards for dashboards. A revised draft (version 2.2) of the reporting standards was published on 23 March 2026, making some clarificatory changes to the previous version. The consultation deadline has been extended to 30 April 2026.

PASA publishes further guidance on trustee – administrator relationships

On 25 March 2026, PASA published the final instalment of its guidance on the trustee – administrator lifecycle. Building on the previous parts, the guidance explores how relationships can be established, maintained and, where needed, strengthened through open dialogue, proportionate governance and a focus on long-term outcomes.

Alongside the guidance, PASA has also published a Trustee – Administrator Oversight Scorecard which is intended to be a practical framework to help trustees structure oversight and support more informed discussions with administrators.