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UK pensions weekly: TPR DC consolidation; PPF 2026/27 levy; Pension Schemes Bill reserve power narrowed; Finance Act 2026 IHT reforms and CDC; NICs salary sacrifice cap; PRAG 2026 SORP.

Published on: 19 March 2026

Published by a LexisNexis Pensions expert
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In this issue:

  • The Pensions Regulator
  • Pension Protection Fund
  • Pension Schemes Bill
  • The pensions tax regime
  • Pensions accounting
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The Pensions Regulator

TPR publishes 2025 DC landscape report highlighting consolidation trends

The Pensions Regulator (TPR) has released its 2025 overview of the UK occupational defined contribution (DC) market, confirming a continued move towards fewer, larger schemes and urging trustees, particularly those of smaller arrangements, to test value for savers and consolidate where it is lacking. The analysis shows DC scheme numbers fell by 15% to 790 in 2025, chiefly as schemes with fewer than 5,000 members left the market. Over the period, total assets rose 22% from £205bn to £249bn and memberships increased by 7%, reflecting consolidation. Master trusts now dominate, holding 30.1 million memberships (92%) and £208bn of assets (83%). TPR stressed that larger schemes are typically better positioned to deliver stronger investment performance and improved service. It added that legislative developments, including the Pension Schemes Bill, are likely to quicken these patterns, and urged trustees of underperforming schemes to move members to arrangements offering better...

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