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 annual report and accounts

On 30 June 2026, TPR published its annual report and accounts for 2025 to 2026. The report sets out TPR’s performance against key indicators and highlights achievements over the period, including implementing the new DB funding regime, helping schemes prepare for dashboards and “supporting and driving DC consolidation”, noting that 2025 saw a 15% year-on-year reduction in DC schemes while assets grew from £205 billion to £249 billion.

TPR blog on pension scams

On 2 July 2026, TPR published a blog urging the industry to respond to the DWP’s consultation on changes to the Conditions for Transfers Regulations with “targeted measures to address the risk of fraud”. The blog also explains the role of the Pension Scams Action Group which is working closely with the DWP, Home Office, law enforcement, the pensions industry and others to “identify emerging threats and stop fraudsters in their tracks”.

PDP blog on pensions dashboards connection process

Earlier this year, MaPS commissioned independent evaluators to examine how the connection process has worked in practice as part of a wider assessment of PDP delivery. On 2 July 2026, PDP published a blog which sets out the rationale behind the report and the insights gained from it. Overall, findings were positive, with all organisations in scope for the evaluation connecting successfully. Challenges in the connection process included that the process took, on average, almost twice as long as initially estimated, with the technical connection stage being more complex and time-intensive than expected. Variation in organisations’ technical architectures, internal capacity and readiness also played a “significant role” in delays. The report includes recommendations which will inform how the connection process will evolve.

FCA consultation on clarifications to the consumer duty

On 29 June 2026, the FCA published a consultation on changes to the scope and proportionality of the consumer duty. These changes are intended to clarify when the duty applies, to give firms greater confidence in its scope and to promote a more proportionate approach based on a firm’s role, “helping reduce unnecessary cost and complexity while preserving strong protections for retail customers”. The consultation closes on 18 September 2026.

New CDC code of practice set to come into force

On 2 July 2026, an Order was made to bring TPR’s new code of practice for CDC schemes into force on 31 July 2026, replacing the existing CDC code from that date.

The new code was laid before Parliament on 29 April 2026 and had been expected to come into force in mid-October. Regulations to extend the CDC regime to unconnected multiple employer CDC schemes will also come into force on 31 July 2026.

Further LTA abolition regulations come into force

On 25 June 2026, regulations came into force containing the “final set of technical amendments which are necessary to ensure the correct operation of the pensions tax regime” in connection with the abolition of the LTA. Many of the changes have retrospective effect from 6 April 2024, the date the LTA was abolished.

Investment and governance changes to the LGPS

Two sets of LGPS regulations came into force on 30 June 2026: the LGPS (Pooling, Management and Investment of Funds) Regulations 2026 and the LGPS (Amendment) (Governance) Regulations 2026. These follow the Government’s May 2026 response to its “Fit for the Future” consultation and build on provisions in the PSA26. Changes made by the regulations relate to:

  • investment pooling, including introducing statutory requirements for all LGPS administering authorities to participate in asset pools, and
  • governance requirements, including requiring administering authorities to publish a governance strategy, training strategy and a conflicts of interest policy, and to carry out governance reviews at least once in each valuation period.

A suite of accompanying statutory guidance was published on 29 June 2026, including on LGPS asset pooling and fund governance.

Government to review pension access on serious ill health

On 30 June 2026, the Financial Secretary to HMT confirmed that the Government will review rules governing pension access by members with a terminal diagnosis “to ensure a fair and compassionate approach”. The existing tax rules permitting payment of a serious ill-health lump sum are “intended to provide flexibility” but the Government recognises that individuals may face “varying hurdles” in accessing benefits, depending on their scheme. The review will include examining whether changes are needed so that individuals have “appropriate access while safeguarding against the risk of financial hardship later in life”.