This week in pensions has shown little sign of slowing for a pre-Christmas breather, with a steady flow of regulatory announcements alongside several notable transactions and funding updates.

In a major update, the Financial Conduct Authority (FCA) confirmed its ‘near-final’ rules for the new targeted support regime, estimating that at least 18 million people could benefit from additional help with their investments and pensions.

Industry experts broadly welcomed the move, describing the framework as a significant step toward closing the advice gap and empowering savers.

The Financial Ombudsman Service (FOS) and the FCA also issued a joint statement setting out how complaints will be treated under the new regime, confirming that targeted support will be classed as a “one-off service” and will not be subject to the ongoing suitability requirements set out in Chapters 9 and 9A of the FCA’s Conduct of Business Sourcebook.

There was also further progress on pensions dashboards, with the first phase of testing passing the halfway mark.

Early findings from the Pensions Dashboards Programme (PDP) pointed to strong user satisfaction and a broadly positive experience.

Indeed, an update from the Money and Pensions Service (Maps) confirmed that two rounds of moderated consumer testing have now been completed, involving 24 users across a range of genders, ages, regions and self-reported access needs.

It was also a busy week for The Pensions Regulator (TPR), as it announced the creation of a new data and digital industry working group, calling on schemes to accelerate the adoption of modern technology and improve data quality.

TPR also launched a new initiative to explore the barriers preventing defined contribution (DC) and defined benefit (DB) schemes from investing in growth assets that could enhance long-term returns for savers.

Perhaps most notably, the regulator published updated administration guidance designed 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 DC-focused administration guidance and applies to all scheme types, sets out practical steps for governing bodies to meet regulatory expectations.

Industry bodies broadly welcomed the strengthened guidance, highlighting it as a significant step forward in improving saver outcomes.

Elsewhere, it was another busy week for transactions.

NatWest confirmed it has agreed to sell its 85 per cent stake in Cushon to WTW, as part of a wider deal that will see WTW acquire full ownership of the business.

Lloyds Banking Group Pensions Trustees Limited agreed three further longevity hedging transactions with Rothesay Life, securing a combined £4.8bn of liabilities.

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

The Comet Pension Scheme completed a £330m full-scheme buy-in with Canada Life UK, covering the retirement benefits of 4,500 members, while the Watts Clift Holding Limited Retirement Benefits Scheme agreed a £4m buy-in with Aviva, securing the benefits of all 51 members.

Meanwhile, concerns have continued to mount over proposed changes to salary sacrifice rules following last month's Budget.

Separate research from Hymans Robertson and Standard Life highlighted fears of significant financial and strategic implications for employers and savers.

A poll of Hymans’ corporate clients found just 7 per cent expect the reforms to have minimal or no impact on their business, while a fifth anticipate a major impact.

Echoing this, Standard Life’s immediate post-Budget survey found almost one in five consumers are “very concerned” about the changes, rising to a third among those earning £70,000 or more.

Finally, on funding, DB scheme funding levels remained at record highs overall.

The aggregate surplus of the 4,838 schemes in the Pension Protection Fund’s 7800 Index rose by £2.7bn in November 2025 to £357.6bn.

However, Broadstone’s Sirius Index showed a slight dip in DB funding levels over the month, although overall positions remained resilient amid muted market movements around the Budget.

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