The Department for Work and Pensions (DWP) has launched a consultation seeking views on proposals to merge the Construction Industry Training Board (CITB) and the Engineering Construction Industry Training Board (ECITB) into a single Industry Training Board (ITB). The consultation follows a Cabinet Office review of Arm’s Length Bodies and aims to establish a unified ITB representing the construction and engineering construction sectors, while retaining sector-specific expertise and providing system-wide strategic leadership. It seeks views from employers registered for CITB and ECITB levies in Great Britain, as well as employer and workforce representative bodies, including ITB prescribed organisations and trade unions. The consultation closes on 14 June 2026.

Pensions analysis: On 23 February 2024 the Department for Work and Pensions (DWP) published a consultation which builds on its 2023 ‘Options for Defined Benefit schemes: a call for evidence’ committing to make surplus extraction easier in private defined benefit (DB) schemes and to explore the form and design of a future public sector consolidator to be run by the Pension Protection Fund (PPF). The consultation proposes a range of potential safeguards to ensure that any change to surplus sharing do not threaten member security. It also builds on the principles of the revised funding regime to understand what may be considered surplus funding and to provide more options for sponsors in dealing with legacy DB liabilities. In order to support trustees to use their fiduciary duties in the best interests of members, the DWP is proposing a number of new measures intended to balance enhanced options for trustees with prioritising the security of member benefits. The consultation closes on 19 April 2024.

Pensions analysis: On 15 December 2025 the Department for Work and Pensions (DWP) launched a consultation—‘Trust-based pension schemes: Trustees and governance, building a stronger future’-which contained proposals on strengthening the trusteeship, governance and administration standards for trust-based pension schemes, which runs until 6 March 2026. Max Ballad, legal director at Brabners LLP, looks at what the consultation is aiming to achieve and how it fits into the government’s wider reform agenda.

Pensions analysis: On 29 May 2025 the government’s published its response to the Options for Defined Benefit schemes consultation, setting out how the government will unlock some of the £160bn of surplus funds from defined benefit (DB) pension schemes, to benefit employers, members and the economy. The response also confirms that the government is continuing to consider creating a public DB scheme consolidator managed by the Pension Protection Fund (PPF). Written by Tyron Potts FIA, head of Pensions Research at Barnett Waddingham.

The Department for Work and Pensions (DWP) has launched a consultation on proposals to introduce a Multiple Default Consolidator system for deferred small defined contribution (DC) pension pots. Under the proposals, eligible pots would be transferred automatically to a limited number of approved consolidator schemes from 2030, unless a member opts out or chooses an alternative consolidator. Members would receive notices before and after a transfer, with a proposed minimum 30-day period to consider their options. The consultation closes on 17 November 2026.

The Department for Work and Pensions (DWP) has begun a consultation on draft regulations intended to make the statutory guaranteed minimum pension (GMP) conversion framework clearer and easier to use for occupational pension schemes formerly contracted-out on a salary-related basis. GMP conversion allows a scheme to replace GMP rights with other scheme benefits of at least actuarially equivalent value and may be used as part of a scheme’s GMP equalisation exercise. The DWP’s draft regulations, developed following discussion with representatives from the pensions industry, propose to clarify and amend the statutory process for converting GMPs into other scheme benefits, covering: (1) the statutory minimum for survivors’ pensions after conversion; (2) the employers whose consent trustees must obtain; (3) a new optional certification route for individual conversions and (4) transitional treatment for GMP conversion exercises already underway. The DWP also invites views on whether further consequential legislative amendments are needed in the draft regulations and seeks evidence or estimates of the proposals’ costs and benefits in order that it may develop a greater understanding of the impacts on schemes. The consultation closes at 11.55 pm on 29 October 2026. However, the DWP has not provided a timeframe for when its response will be published.

The Department for Work and Pensions (DWP) has launched a consultation on the fixed rate of revaluation to apply to Guaranteed Minimum Pensions (GMPs) for early leavers who leave pensionable service between 6 April 2027 and 5 April 2032. DWP proposes to retain the current fixed revaluation rate of 3.25% per annum with effect from 6 April 2027. It is also seeking views on whether it should continue to adopt a short to medium-term view of inflation and real earnings growth when determining the rate. Members of formerly contracted-out schemes who leave pensionable service before pensionable age must have their GMP revalued until it becomes payable. Where a scheme uses the fixed rate method, the GMP is revalued annually at the statutory rate applicable when the member left pensionable service. The consultation closes on 29 October 2026.

The Department for Work and Pensions (DWP) has launched a consultation on proposed changes to the general levy on occupational and personal pension schemes for April 2027 to March 2030. The general levy funds three key bodies: (1) The Pensions Regulator; (2) The Pensions Ombudsman and (3) the pensions-related functions of the Money and Pensions Service (excluding Pension Wise). Since 2018–19, levy income has not kept pace with expenditure, and despite rate increases introduced from April 2021, high inflation and increased regulatory demands have seen accumulated levy debt reach £154 million by March 2026. To restore sustainability, the government proposes a phased equalisation approach with differentiated annual increases: (1) 5% for defined benefit (DB) and hybrid schemes; (2) 6.2% for defined contribution (DC) schemes (excluding master trusts) and (3) 9% for master trusts and personal pension schemes. The consultation closes on 8 September 2026.

The Department for Work and Pensions (DWP) has launched a consultation on proposed amendments to the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021, SI 2021/1237. The changes are intended to strengthen protections against pension scams while reducing unnecessary barriers to legitimate pension transfers. Draft regulations are included with the consultation, which forms the first stage of a wider programme of work on pension scams and transfers.

The Department for Work and Pensions (DWP) has made two statutory instruments which update the regulatory framework for collective defined contribution (CDC) schemes with effect from 31 July 2026. Together, the Pensions Act 2004 (Code of Practice) (Revocation) Order 2026, SI 2026/709 and the Pensions Act 2004 (Code of Practice) (Authorisation and Supervision of Collective Defined Contribution Schemes) Appointed Day and Revocation Order 2026, SI 2026/730  (the 2026 instruments) revoke the existing Pensions Regulator (TPR) Code of Practice on the authorisation and supervision of CDC schemes (the 2022 Code) and bring a replacement code into force on the same date.

Law360: The Department for Work and Pensions (DWP) has discovered that it has underpaid pensioners to the tune of £571.6m, however experts say the figure is only a fraction of the expected total shortfall.

The Department for Work and Pensions (DWP) has announced reforms to consolidate pension pots worth £1,000 or less in the upcoming Pension Scheme Bill to be introduced later in Spring 2025. The reforms are based on the work of the Small Pots Delivery Group whose report (commissioned as part of the outcome of the ‘Ending the proliferation of deferred small pension pots’ consultation) is published alongside the DWP’s announcement and is aimed at supporting the design and implementation of the new small pots consolidator scheme. The forthcoming Pension Schemes Bill is set to address the growing issue of deferred small pots by establishing a Small Pots Data Platform and creating the regulatory framework necessary for consolidator schemes to operate. The Bill’s provisions will mandate automatic consolidation with member opt-out rights affecting 13m existing small pots,  starting with those that are worth £1,000 or less,  and is projected to save the industry £225m in administrative costs. To produce the report, the Small Pots Delivery Group carried out extensive consultation with industry stakeholders including the Pensions Regulator and the Financial Conduct Authority.