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TPR shares updated administration guidance for all scheme types


By Sophie Smith

The Pensions Regulator (TPR) has shared updated administration guidance intended to help schemes deliver high-quality services that safeguard benefits and build trust in the pensions system, arguing that strong administration is “fundamental” to good member outcomes.

The guidance, which replaces TPR’s previous guidance on the administration of defined contribution (DC) schemes and applies to all scheme types, provides practical steps for governing bodies to ensure administration meets regulatory expectations


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DB funding surplus remains at record high

Defined benefit (DB) pension scheme surplus levels have remained at a record high, with the aggregate surplus of the 4,838 schemes in the Pension Protection Fund’s (PPF) 7800 Index rising by £2.7bn in November 2025 to £357.6bn

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Lloyds pension scheme completes three longevity swaps totalling £4.8bn

Lloyds Banking Group Pensions Trustees Limited has agreed three further longevity hedging transactions with Rothesay Life as the insurer, protecting a combined £4.8bn of liabilities

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TPR forms digital working group; hails ‘pivotal moment’ for schemes to modernise

The Pensions Regulator (TPR) has convened a new data and digital industry working group, urging schemes to accelerate the adoption of modern technology and higher-quality data

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Smart Pension completes £650m master trust transfer; AUM rises above £9.3bn

Smart Pension has completed the bulk transfer of assets and members from the Options Workplace Pension Trust (OWPT) into its master trust, understood to be the largest master-trust-to-master-trust consolidation of the year so far

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Councillor LGPS access could add 'disproportionate' administrative burden

Extending access to the Local Government Pension Scheme (LGPS) to councillors could create a “disproportionate administrative burden”, the Society of Pension Professionals (SPP) has warned

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Capita drafts in Microsoft after 'teething issues' with CSPS portal launch

Capita has brought in Microsoft to help stabilise the new Civil Service Pension Scheme (CSPS) member portal after its initial launch saw multiple login failures, broken links, and incomplete pages, leaving members unable to access or update key information

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TPR to explore barriers to private market and infrastructure investments

The Pensions Regulator (TPR) has launched a new initiative to explore the barriers that could be stopping defined contribution (DC) and defined benefit (DB) pension schemes from investing in growth assets that could boost returns for savers over the long term
Private market push gains traction in DC defaults despite hurdles

The inclusion of private market assets in off-the-shelf defined contribution (DC) default strategies is gaining momentum following the Mansion House Accord, Isio has found, although challenges around implementation and transparency remain, requiring "robust governance"
Pensions policy reforms central to unlocking £220bn ‘investment prize’

The UK could unlock up to £220bn in additional investment over the next decade if a package of reforms, including several significant pensions changes, is fully implemented, according to modelling by Oxford Economics
Actuaries ramp up pension climate work as tail risks become ‘expected outcomes’

Actuaries are taking on a rapidly expanding role in helping pension schemes understand and manage climate-related risks, according to a thematic review from the Institute and Faculty of Actuaries (IFoA)

Deadline to enter inaugural Nederlandse Pensioen Awards extended

The deadline to enter the inaugural Nederlandse Pensioen Awards has been extended to 23 January 2026, so now is the time to showcase your excellence, innovation and leadership within the Dutch pensions industry
44% of UK adults unaware what pension tax relief is

Just under half (44 per cent) of UK adults said they didn’t know what pension tax relief was, while 31 per cent could identify the purpose of pension tax relief, research from Hargreaves Lansdown has found


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