The Pensions Regulator (TPR) has published findings from a year-long review of 15 pension administrators, warning trustees and administrators to take greater responsibility for raising administration standards. The review found improvements in resilience and financial sustainability but identified ongoing challenges around changes to regulatory requirements, technology, staffing, data quality and cyber security. TPR expects administrators and trustees to reflect on the findings and work together to identify ways to improve administrative practices to better serve savers.

The Pensions Regulator (TPR) has welcomed a report by a Bank of England (BoE) committee recognising progress in improving resilience of liability-driven investment funds (LDI). The Financial Policy Committee’s (FPC) published the report which includes an update on the resilience of LDI following volatility seen in September 2022 after the widespread selling of gilts by schemes’ LDI arrangements. The TPR have also published a letter which was sent to the BoE’s Governor in January ahead of FPC's most recent meeting, setting out TPR's progress and actions in relation to financial stability.

Pensions analysis: On 16 December 2022, the Pensions Regulator (TPR) published its consultation on the new defined benefit (DB) funding code of practice together with a response to its first consultation and a consultation on its proposed twin track regulatory approach to assessing valuations including its proposed Fast Track design. Suzanne Burrell, partner at Shoosmiths examines the consultation and its implications.

The Pensions Regulator (TPR) has published its 2025 analysis of funding levels and recovery plans in UK occupational defined benefit (DB) and hybrid pension schemes. The report covers tranche 18 valuations, with effective dates between September 2022 and September 2023, and includes data from 1,640 schemes. Therefore, these valuations are not subject to the new DB funding rules, which apply only from 22 September 2024. TPR’s report highlights that funding levels have improved markedly since the previous cycle. Sixty-two percent of schemes reported a surplus, up from 27% in tranche 15. The average assets to liabilities ratio rose from 89% to 104%. This improvement was consistent across all scheme sizes. Recovery plans have shortened significantly with only 38% of schemes required to submit a recovery plan, compared with 73% previously. Furthermore, the average recovery plan length fell from 6.3 years to 4.4 years. Among schemes in deficit in both tranches, 86% reported shorter plans, and over half brought forward their recovery plan end date by more than three years. The median end date is now 2027.

Law360: The Pensions Regulator (TPR) warned defined benefit (DB) pension schemes on 29 April 2025 to be mindful of the impact of global trade tariffs as it said it had found that more than half of DB schemes have a funding surplus. TPR said that geopolitical volatility is expected to continue, and this may have an impact on scheme funding.

The Pensions Regulator’s (TPR’s) latest survey of defined benefit (DB) schemes — conducted by OMB Research in March 2025 and published in October 2025 — shows continued progress on long-term planning and risk management, alongside persistent gaps in environmental, social and governance (ESG) prioritisation and cautious attitudes toward surplus release.

Pensions analysis: The Pensions Regulator’s (TPR) response to its Statement of Strategy (SoS) consultation, and the related launch of its new digital submit a valuation service marks a key development in the implementation of the new funding regime for private sector defined benefit (DB) pension schemes. Under the new regime, trustees are required to submit a SoS at each valuation, detailing both their long-term strategy and supplementary matters including how risks have been assessed and are being managed. TPR’s consultation sought to gather feedback on the proposed format and data requirements for this submission. Following industry concerns regarding the burden placed on schemes, TPR has introduced several easements. However, the SoS remains a substantial undertaking, that will require schemes to plan for at an early stage in their valuation processes. Mark Tinsley is a principal and senior consulting actuary at Barnett Waddingham who advises trustees of DB pension schemes.

The Pensions Regulator (TPR) has released its annual statistics publication on the occupational defined benefit (DB) landscape in UK for 2025. This publication offers a summary of the occupational DB and hybrid scheme environment in the UK, detailing scheme status, membership numbers, and assets under management. This year’s report covers 200 public sector DB schemes and 5,060 private sector schemes. Key findings reveal that the DB and hybrid landscape continues to shrink at a yearly rate of 3% on average. Schemes are still closing, with the percentage closed to future accrual (excluding those in wind-up) increasing from 73% in 2024 to 74% in 2025. However, the total number of schemes closed to future accruals has decreased this year for the first time (from 5,656,000 in 2024 to 5,413,000 in 2025). Total membership in private DB and hybrid schemes has decreased by 3% since 2024 to 9,174,000. Despite these trends, the funding level has remained the same as 2024, at 118%. This is because asset amounts and technical provision (TP) liabilities have both fallen by 10% since 2024. The percentage of schemes in TP surplus is 82% in 2025, up from 80% in 2024. There are equal pensioner members (47% of total members) and deferred members (46% of total members) in private schemes.

Pensions analysis: Following the introduction of the Pension Schemes Act 2021 (PSA 2021), questions have arisen regarding how the Pensions Regulator (TPR) will use its powers to bring criminal proceedings and issue fines for certain acts where there is more than one option available. Rhiannon Barnsley, associate at Arc Pensions Law, examines TPR’s latest consultation on its proposed new draft policies regarding how it intends to use its enforcement powers in practice.

Pensions analysis: On 3 June 2025, the Pensions Regulator (TPR) issued guidance on new models and options in defined benefit (DB) pension schemes to address the evolving landscape of pension scheme management. Siobhan Duncan, specialist tax barrister at Temple Tax Chambers, looks at the key points, aspects and themes of the new guidance, as well as the implications for trustees and the actions they should be taking.

Pensions analysis: In January 2024, the Pensions Regulator (TPR) issued guidance on private market investments that aims to help scheme trustees consider better outcomes for savers by investing in private market assets. Rowena Wisniewska Sethi, barrister, and Ilana Hirschberg, pupil, at 4-5 Gray’s Inn Square examine TPR’s guidance, the key messages, the implications for pension scheme trustees and scheme members, and the next steps.

This Practice Note outlines the interim regime for defined benefit (DB) superfunds, as developed by the Pensions Regulator (TPR) pending the introduction of a permanent regime. For information on the concept of DB consolidation and the meaning of DB superfund, see Practice Note: DB consolidation—what are DB superfunds? For information on the intended shape of the permanent regime for DB consolidation, see Practice Note: The DWP’s permanent regime for DB superfunds. For information on the considerations applicable to trustees and employers on a contemplated transfer to a DB superfund, see Practice Note: Transfer to a DB superfund—trustee and employer considerations. Scope and purpose of the interim regime Development of interim regime The DWP has been working on developing a legal regime for the authorisation and supervision of DB superfunds since 2018. This framework is introduced through the Pension Schemes Act 2026 (PSA 2026), with accompanying regulations expected to come into force in 2028. For further information, see Practice Notes: The DWP’s permanent regime for DB superfunds and Pension Schemes Act 2026—tracker. After it became clear that