The past week has seen a fresh burst of momentum in several key areas, whether it's dashboards and data preparation, updates in the bulk purchase annuity (BPA) market, or continued progress on the Pension Schemes Bill.

With less than a year until the final pensions dashboards deadline, a key theme this week was data, as The Pensions Regulator (TPR) encouraged trustees to treat member data as a “strategic asset”, after its latest review found varying standards in schemes’ dashboards readiness.

Further guidance was also shared by the Pensions Administration Standards Association (PASA) shortly after this, including a data improvement plan template, to help schemes respond to TPR’s raised expectations.

Broader work has also continued as the Pension Schemes Bill continues its journey through parliament, with the government launching a consultation on some of the draft statutory instruments needed to support changes in the bill.

The Pensions Protection Fund (PPF) also confirmed that it is expected to charge a zero levy in 2026/27, as a result of the progress of the Pension Schemes Bill.

However, other areas of potential change have come under fire, as the Society of Pension Professionals (SPP) cautioned against any blanket legislative change to grant full inflationary increases on pre-1997 DB rights, warning that this should remain a negotiated, scheme-by-scheme issue.

And this is not the only concern surrounding DB measures, as a survey of pension professionals by Sackers found that while around 41 per cent would consider releasing DB surplus under more flexible structures, the majority remain cautious.

The focus on member security was also seen in research from Aon, which found that the strength of employer covenant is still considered the most important factor for UK DB schemes looking to run on, cited by 39 per cent of respondents.

Momentum in the de-risking space has also continued, with several key de-risking deals announced.

The BBC Pension Scheme agreed a £6bn longevity swap with Zurich and MetLife to hedge almost all its pensioner and dependant liability risk, while retaining governance flexibility.

Meanwhile, the Dolce Limited Retirement Benefits Scheme has secured an expedited £9.3m buy-in with Just, just a few months after closing to accrual, and the trustees of the Brockhampton Pension Scheme have completed a £40m full buy-in with Just.

It is perhaps unsurprising that insurance deals remain popular, with the latest stress test from the Prudential Regulation Authority (PRA) demonstrating the sector's resilience even under severe financial market stress.

But tension in the industry has also continued, as Budget speculation has, of course, also persisted over the past week.

Whilst easing inflationary pressures has prompted some optimism, others remain concerned about the impact on pension savings, with an LCP freedom-of-information request revealing the potential scale of the UK's under-saving problem.

But pension professionals received a tax-relief win too, as HMRC agreed to exempt standard pension administrators from new ‘tax adviser’ registration rules, following industry concerns that the original requirements would impose an undue burden.

What next week's Budget will bring is still unknown, but the past week’s developments show that this is a pensions market that is already adapting rapidly, with much more work still on the horizon.

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