DB and hybrid (mixed benefit) scheme return

Additional information and resources to help you prepare for and complete a scheme return for defined benefit (DB) schemes and those offering mixed benefits (hybrid).

See scheme return for further information about completing the scheme return, including the most common queries.

On this page

• We will send scheme return notices in early 2026.
• You must complete your scheme return and submit it to us by 31 March 2026.
• If you're unable to complete the scheme return by the due date, contact us.

New questions and updates this year

Update to schemes in surplus questions

This year, schemes with valuation effective dates from 22 September 2024 will not have to answer the schemes in surplus questions.

New questions about liquidity and leverage

Contingency planning for leveraged liability-driven investments (LDI) arrangements

We are seeking greater insight into how schemes with leveraged LDI arrangements prepare for collateral calls under extreme market conditions. Schemes will be asked to provide details of pre-agreed asset sale plans, which may take the form of a single fund, a pre-defined portfolio, or a ranking structure (also known as a waterfall). They must also specify the asset classes they plan to sell, using the following categories:

•            money market funds
•            UK investment grade corporate bonds
•            overseas investment grade corporate bonds
•            gilts
•            index-linked gilts
•            overseas government bonds
•            short-duration credit (loans, high yield, ABS)
•            emerging market debt
•            diversified growth funds
•            absolute return funds
•            UK equities
•            overseas and global equities
•            credit facility
•            other

Read the new questions about liquidity and leverage

• Was resilience testing of the LDI investment and processes carried out?
• When was resilience testing of the LDI investment and processes carried out?
• Is this LDI mandate leveraged?
• Do the trustees have a pre-agreed asset sale plan?
• How is the pre-agreed asset sale plan specified?
• Who places the trade instructions?
• Pre-agreed plan: portfolio of assets
• We ask schemes to give us the percentage breakdown of the portfolio of assets they can use to meet collateral calls.
• Pre-agreed plan: ranking of assets
• We ask schemes to give us the ranking of assets from their pre-agreed asset sale plan.
• Pre-agreed plan: single asset used
• We ask schemes which asset they would sell to meet collateral calls.
• Breakdown of assets that can be sold to meet the collateral calls
• We ask schemes for a percentage breakdown of assets that can be sold to meet collateral calls.
• Does the scheme have a credit facility?
• Was a review of the credit facility carried out?
• When was the credit facility last reviewed?
• What is the market value of the assets that can be sold to meet the collateral calls?
• Who implements the pre-agreed plan in terms of trade instruction being placed?
• What is the market value of the assets that can be sold to meet the collateral calls according to the pre-agreed plan?
• Does the scheme use an investment platform?
• What is the name of the business that is running the investment platform?

New asset breakdown question

Enhanced asset breakdown for Tier 3 schemes

Tier 3 schemes will be required to provide a more detailed breakdown of the unquoted and private equity asset class. This will include sub-categories such as venture capital, private equity, and infrastructure equity, along with a UK and non-UK split.

Asking for this additional breakdown from the largest schemes will allow us to track how asset allocations and amounts change over time and consider any system-wide effects.

More information on Tier 3 schemes is available in our asset breakdown help file on Exchange.

Read the new asset breakdown question

Unquoted equities and private equity breakdown

• We ask schemes that hold unquoted equities or private equity to give us a percentage point split of these into investment sub-categories, as well as whether they are held within the UK or abroad.

When to complete your scheme return

Complete your scheme return and submit it to us by 31 March 2026.

Prepare for your scheme return

Update your scheme contacts using Exchange

Before taking any other action, please log into Exchange and make sure your scheme contact details are up to date. This is so we can make sure the scheme return is sent to the right person along with any further communications.

Make sure you can get the information you need

Take some time to familiarise yourself with your previous scheme return and gather the information you might need. You can generate your previous scheme returns on the Scheme Maintenance section of your scheme return.

We no longer provide an example scheme return. If this is your first scheme return, you can familiarise yourself with the scheme return information requirements and any related guidance.

Find the scheme rules, the latest annual report and accounts and any recent statements of the scheme assets and contributions ahead of time.

Contact any third parties that may hold the required information in good time, as it may take time for them to provide it to you.

If you have any queries about the scheme return, contact us.

Sections of the scheme details you can complete in Exchange now

You don’t need to wait until we request the scheme return before starting some sections of the scheme details in Exchange. You can review and update categories from the following sections now.

Any changes you make to these sections will save automatically and will be pre-populated in the scheme return.

Contact details

• Scheme return contact details
• TPR Levy contact
• Pension tracing contact
• Pensions dashboard primary contact

Scheme details

• Scheme name and address
• Scheme status and HMRC reference
• Hybrid details
• Scheme investments
• Small scheme details
• Executive pension scheme
• AVC providers
• Charge restrictions and notification
• Restriction on early exit charges

Trustee details

• Individual trustees
• Corporate trustees

Service providers

• Insurers
• Scheme auditor
• Scheme actuary
• Scheme administrator

Financial details

• S179 valuation
• Part 3 funding valuation
• Scheme in surplus - schemes with valuation effective dates from 22 September 2024 will not have to answer these
• Value at risk calculation
• Buy–out calculation
• Asset–backed contributions
• Indexation / GMP / NPA
• Incentive exercises
• Liability hedging
• Assessing credit risk for bonds

Employers

• Current employer details
• Multi–employer scheme structure

Investment service

• Fiduciary managers
• Investment consultancy providers

Complete your scheme return

Complete and submit your scheme return to us using Exchange, our online service.

If you have a query and need to contact us, we recommend viewing the information and guidance on this website.

You can view the help text for scheme return questions without having to log in to Exchange. You can also select the help icon in Exchange for further guidance on a particular scheme return question.

See further information on how to use Exchange, including how to associate to a registered scheme.

If you still have any queries about the scheme return, contact us. You may prefer to send us an email.

Your legal responsibility

As the trustee or manager of a registrable scheme, you must provide us with a scheme return, unless the scheme has only one member, has wound up or another exemption applies.

If a scheme return hasn’t been completed and submitted by the deadline stated in the scheme return notice, this will be a breach of the Pensions Act 2004 and you risk being fined. Your scheme’s PPF levy calculations may also be impacted by late submissions.

Related content

• Top Exchange queries