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TPR expenditure rises to £115.2m as DC consolidation accelerates


By Callum Conway

The Pensions Regulator’s (TPR) comprehensive net expenditure increased from £104.8m to £115.2m in 2025/26, as the regulator oversaw a workplace pensions market covering around 22 million savers and £1.8trn in assets.

TPR’s Annual Report and Accounts 2025/26 revealed that £76m of its net expenditure related to levy-funded activities, while £39.2m was attributable to non-levy activities


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Burnham housing plans will need 'investable opportunities' for pension capital

Andy Burnham’s housing ambitions will depend on creating commercially viable opportunities that can attract long-term institutional capital, Isio has stated

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RBKC and Hymans face judicial review over LGPS fund climate risk assessment

ClientEarth has submitted a claim for judicial review against the Royal Borough of Kensington and Chelsea (RBKC) and Hymans Robertson over the assessment of climate-related financial risk, and decisions about employer contributions for the borough’s Local Government Pension Scheme (LGPS) fund

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IPTs prioritise risk transfer and run-on support as demands grow

Independent professional trustees (IPTs) are most likely to need future support on risk transfer, scheme run-on, regulatory change, and data and administration quality, research from First Actuarial has found

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Royal Schools of Music pension scheme completes £35m buy-in with PIC

The Associated Board of the Royal Schools of Music Pension Scheme has secured a £35m full-scheme buy-in with Pension Insurance Corporation (PIC)

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Providers urged to focus on operational readiness as dashboards launch draws closer

Pension providers should focus on operational readiness, data quality, and service resilience ahead of the launch of pensions dashboards, with the connection deadline just four months away, Lumera has said

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Pension schemes set to face life expectancy ‘inflexion point’

The UK could be approaching an “inflexion point” in life expectancy trends, with potential implications for pension scheme funding and pension risk transfer (PRT) pricing, LCP has warned

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Govt publishes raft of guidance on new LGPS regulations

The Ministry of Housing, Communities and Local Government (MHCLG) has published guidance on new Local Government Pension Scheme (LGPS) regulations relating to asset pooling, investment strategy statements, and fund governance, as set out in the Pension Schemes Act 2026
Climate change becoming defining factor in pension outcomes - SPP

Climate change is now a central factor in pension outcomes, funding strategies, and retirement security across the UK, according to the Society of Pension Professionals (SPP)
Govt urged to introduce pension health checks alongside dashboards launch

The government should introduce regular 'pension health checks' alongside the rollout of pensions dashboards to boost retirement savings and help savers take action, M&G has argued
Macfarlane pension scheme secures £53m buy-in with Royal London

The Macfarlane Group PLC Pension & Life Assurance Scheme (1974) has completed a £53m buy-in with Royal London

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Burnham encouraged to tackle youth pension saving as part of skills plan

Andy Burnham’s plan to boost vocational education and skilled trades must be matched by action to ensure more young people are in work and building long-term financial resilience, PensionBee has argued
Pension savings could be ‘entirely absorbed’ by rent in retirement

Current pension savings could be “entirely absorbed” by rental costs in later life, as retirees who rent may need the full 8 per cent minimum automatic enrolment (AE) contribution paid from age 22 just to cover housing costs, Hymans Robertson has warned


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