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

TPR pledges to cut “unnecessary regulatory burdens”

HMT published a paper on 17 March 2025, setting out the Government’s approach to regulation and regulators. The action plan includes pledges from multiple regulators to enable a “regulatory system that supports innovation and economic growth”. TPR’s pledges include:

  • reviewing the amount of capital reserves that master trusts are required to hold
  • reducing “unnecessary regulatory burdens” and improving data sharing. TPR plans to monitor the quality and value of regulatory interaction and intends to review its scheme return and supervisory return data collection requirements
  • encouraging consolidation and consideration of investment in productive assets. TPR believes the VfM framework will help drive “competition, growth and enhanced member outcomes”. TPR will also encourage the voluntary disclosure of asset allocation data.

PDP confirms reporting process for schemes who may miss their dashboards “connect by” date

Whilst schemes are required to “have regard” to the connection timetable set out in the DWP’s connection guidance, there may be situations where a scheme won’t meet its “connect by” date. PDP has published guidance for schemes planning to connect more than 30 days before or after their “connect by” date. The scheme should agree a new “connect by” date with their third-party provider (most likely to be their third-party administrator) and notify PDP using the form on the guidance page. They do not need to separately notify TPR or the FCA.

Once this form is submitted, PDP will note the plans to change the target “connect by” date and share information with the relevant regulator. Schemes will then agree a specific connection date with PDP nearer the time. PDP’s connect via a third party guidance and recent blog provide more detail on the connection process.

With the first cohort of schemes due to connect to the dashboards ecosystem in less than six weeks, PDP has also published a blog reminding schemes of the steps they should be taking to prepare for connection.

PLSA publishes results from survey on surplus

The PLSA has published the results of its member survey on DB endgames and surpluses.  Out of those who responded:

  • one in five reported that their investment adviser has suggested they change their approach to endgame planning in light of market conditions
  • over half indicated their sponsoring employers are interested in extracting surplus from the scheme
  • reflecting trustees’ fiduciary duties, 73% believed surplus extraction should always be at the trustee’s discretion.