The Pensions Regulator has published its 2025/26 Annual Report and Accounts, setting out how it is reshaping oversight and supervision as the pensions market moves toward fewer, larger schemes and as new standards under the Pension Schemes Act 2026 are prepared. The report says earlier expert-led engagement and greater use of data have improved its understanding of scheme-specific and system-wide risks, allowing more targeted interventions while seeking to reduce regulatory burden. Key outcomes included work with the Department for Work and Pensions, the Financial Conduct Authority and industry on the value for money framework and supporting legislation. Defined contribution consolidation continued, with the number of schemes falling 15% year on year in 2025 while assets rose to GBP 249 billion from GBP 205 billion. Employer compliance with automatic enrolment remained above 97%, and more than 1,300 schemes and providers were connected to the central digital architecture for pensions dashboards, representing more than 40 million members. The report also says more than 2,000 scam victims received over GBP 81.5 million through the Fraud Compensation Fund, while the master trust regulatory capital review and updated reserving guidance had freed an estimated GBP 15 million in excess reserving by 31 March 2026. TPR says its focus now is implementing the pensions reform agenda, including higher governance standards, value for money measures and greater support at retirement. It also notes that the new defined benefit funding regime is now operating through the Submit a Scheme Valuation service, and that performance against 32 corporate priorities and 35 indicators was largely achieved or on track, with no target missed by a significant degree.

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