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 continues its focus on growth

On 28 March 2025, TPR published Nausicaa Delfas’ speech on pensions regulation and growth, which set out how TPR intends to lead in key areas designed to “protect savers, enhance the system and innovate in the interests of savers”. Key points include:

  • increasing value – the new VfM framework, which TPR sees as “an attempt to refocus competition on what should matter – outcomes” is expected to be set out in the Pension Schemes Bill. TPR wants to help trustees to look across the market to “see what good looks like” and for all schemes to be able to consider the full range of investment options
  • enabling productive investment – TPR believes that pensions are “uniquely placed” to consider long-term returns, and “urges” the industry to consider what more can be done in this area, particularly around transparency in performance and associated charging structures
  • supporting market innovation – TPR is planning to develop an innovation framework and criteria to trial new ideas, with the aim of launching a hub to test a variety of innovation services with the market “by the autumn”.

These comments come as TPR has published its letter to the Government outlining “measurable commitments” to “significantly boost business confidence, improve the investment climate, and foster sustainable economic growth”, which are consistent with TPR’s remit.

FCA to help consumers “navigate their financial lives”

The FCA launched its five year strategy on 25 March 2025, focusing on four priority areas including supporting sustained economic growth and helping consumers “navigate their financial lives”. Expanding on the latter point in a recent speech, the FCA explained that it aims to design regulation that “enables support when and where it’s most needed”. Pensions-specific areas include:

  • Advice Guidance Boundary Review – in partnership with HMT, it plans to consult “shortly” on the proposed new “Targeted Support” model, which aims to fill the gap between generic factual guidance and regulated advice for pensions and investments
  • new VfM framework – consultation responses were “positive about the overall approach” but asked the FCA to refine the metrics and how the assessments are expressed. It is “working through this important feedback”.

TPR’s push for good quality data

TPR has published a speech given by David Walmsley, Director of Supervision at TPR, at the PASA conference on 24 March 2025.

With dashboards fast approaching, TPR is aware of the need for good quality data and is urging schemes to undertake regular data reviews and improve their data. TPR plans to speak to administrators about matching policies and processes, work with MaPS during dashboard user testing, and keep an eye on the digitisation of data, and the quality of value data, so that dashboards provide a safe and beneficial experience to savers.

Whilst TPR’s primary focus is to work with industry collaboratively, it is ready to step in and use its powers “where necessary”. It is already reaching out to hundreds of schemes who may be failing expectations, asking them to explain why they’ve not taken action to improve their data.

TPR’s latest research shows schemes investing in productive assets

On 25 March 2025, TPR published its latest research, showing that 45% of DB schemes, 57% of large DC schemes, and 72% of DC master trusts hold some productive assets, such as infrastructure, private equity or renewables. The data also showed that 57% of small schemes (under 100 members) and 70% of micro schemes (under 12 members) did not know if their scheme held assets in these classes. TPR is concerned that this lack of understanding could indicate poor governance standards in these schemes.