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

Pensions UK publishes new technical guidance on vote reporting template

Pensions UK published technical guidance on 30 September 2025 to support individuals using its industry standardised vote reporting template (issued earlier this year). The technical guidance provides explanations for each field within the template and aims to provide clarity on data expectations, formatting and interpretation. It is intended to maximise the template’s usability ahead of the 2025/26 reporting cycle.

The guidance reflects feedback from the industry and is “aligned with …the UK Stewardship Code and DWP Implementation Statement requirements”.

FCA speech outlines 2025 priorities

On 30 September 2025, the FCA published a copy of a speech given on 25 September 2025 which outlines its regulatory perspective and priorities for 2025. The FCA’s four regulatory priorities are:

  • supporting growth by enabling investment, innovation and ensuring the continued competitiveness of the financial services sector
  • being a smarter regulator: predictable, purposeful and proportionate. Improving its processes and embracing technology to become more efficient and effective
  • helping consumers navigate their financial lives by working with industry to boost trust, product innovation and ensuring the right information and support is available, and
  • fighting crime, focusing on those who seek to use the fact they’re regulated to do harm. It intends to go further to disrupt criminals and support firms to be an effective line of defence.

It calls on the industry to:

  • continue to provide input into the FCA’s proposals on targeted support, simplified advice, data decommissioning and other changes to help shape the FCA’s future
  • challenge itself on the consumer duty and how best to make sure there are good outcomes for clients, and
  • inform the FCA when illegal content is found online and if there are challenges with reporting this content to tech platforms.

FRC to publish technical guidance for actuaries

Following the publication of draft legislation aimed at addressing complexities arising from the Virgin Media decision, the FRC announced on 3 October 2025 that it is developing technical guidance to support scheme actuaries in confirming that historic pension scheme amendments met the necessary standards.

The FRC will work with industry professionals, the Institute and Faculty of Actuaries and the Association of Consulting Actuaries to develop the guidance and intends for it to be available when the expected legislation comes in force.

PDP issues update on MoneyHelper Pensions Dashboard

On 6 October 2025, the PDP published an update on the MoneyHelper Pensions Dashboard, confirming that the dashboard is entering its next phase of testing, starting with a low volume of individuals using a “real dashboard” with “real pensions data”. Once this phase is completed, the next phase will increase the testing volume to include thousands of participants.

Looking further ahead, the DWP has committed to providing six months’ notice for the launch of the MoneyHelper Pensions Dashboard.

ONS Financial Survey of Pension Schemes – Quarterly results

The ONS published the latest Financial Survey of Pension Schemes on 2 October 2025. The figures show that between 30 September 2024 and 31 March 2025:

  • the market value of private sector DB and hybrid pension schemes decreased from £1,183bn to £1,103bn (7%), mainly caused by a fall in the value of assets, particularly long-term debt securities
  • the combined market value of private sector DC, and public sector DB and hybrid pension schemes increased from £850bn to £868bn (2%), mainly caused by a rise in the value of direct investments, partially offset by a fall in the value of pooled investment vehicles, and
  • private sector DB and hybrid pension schemes insurance policies assets increased from £163bn to £172bn (6%), indicating that schemes and insurance companies have “continued the trend” of agreeing buy-ins and longevity swap contracts to help meet pension liabilities.