DC pensions reform roadmap transcript
This roadmap shows planned pensions reform activity from April 2026 to 2030, with one milestone extending into 2035. The roadmap is laid out as a grid with time running horizontally across the top and the five pensions reform workstreams listed vertically down the left side.
Royal Assent received: April 2026.
Date key:
- Half 1 – January to June
- Half 2 – July to December
Please note: The duration of the consultations can vary.
Glossary:
- TPR: The Pensions Regulator
- FCA: The Financial Conduct Authority
- DWP: The Department of Work and Pensions
1. Value for money workstream
2026
Half 1
- TPR and FCA policy consultation.
End of half 1 / start of half 2:
- DWP regulations and FCA rules consultation.
Half 2
- TPR additional guidance.
2027
Half 1
- TPR code consultation starts.
- DWP regulations come into force.
- FCA policy statement.
2028
Half 1
- Final TPR code published.
- First value for money data submitted.
Half 2
- First value for money assessments and publication of data.
2. Guided retirement
2026
Half 2
- DWP and FCA discussion paper consultation.
2027
Half 2
- Draft DWP regulations and FCA rules consultation.
2028
End of half 1 / start of half 2
- TPR guidance consultation starts.
Half 2
- DWP regulations in force.
- FCA policy statement published (end of half 2).
- Financial Reporting Council (FRC) standards for illustrations of common decumulation options, including retirement-only CDC.
- Final TPR guidance.
2029
Half 2
- Duties take effect for master trusts and group personal pensions (GPPs).
2030
Half 2
- Duties take effect for other DC schemes, such as single employer trusts (SETs).
3. Small pots
2026
Half 2
- DWP consultation on Tranche 1: Building the foundations for consolidation foundations.
2027
Half 1
- Second consultation on Tranche 1.
- DWP response to Tranche 1 consultation.
End of half 1 / start of half 2
- TPR code and FCA rules consultation.
Half 2
- DWP consultation on Tranche 2
2028
Half 1
- DWP response to consultation.
- DWP Tranche 1 regulations come into force.
- FCA policy statements published.
Half 2
- DWP second consultation on Tranche 2.
- Final code published.
- TPR scheme authorisation process begins.
2029
Half 1
- DWP Tranche 2 regulations come into force.
Half 2
- Authorise consolidators.
2030
Half 1
- Small pots duties come into effect.
4. DC scheme scale
2027
Half 1
- Report on effects of consolidation.
Half 2
- DWP regulations consultation.
2028
End of half 1 / start of half 2
- TPR code and guidance consultation.
2029
Half 1
- DWP regulations come into force.
- Final TPR guidance published and code comes into force.
2030
Half 1
- Duties relating to scale thresholds and transition pathways commence.
2035
- The transition pathway deadline for schemes with assets below £25 billion and group personal pensions (GPPs).
5. Collective DC schemes, including multi-employer CDC schemes and retirement-only CDC
2026
Half 2
- Multi-employer CDC scheme regulations come into force.
- Final multi-employer CDC scheme code published.
- Multi-employer CDC applications open.
2027
Half 1
- First scheme authorisations begin.
- DWP consultation on retirement-only CDC regulations.
Half 2
- TPR retirement-only CDC code consultation.
2028
Half 2
- Retirement-only CDC regulations come into force.
- Retirement-only CDC code published.
- Applications for retirement-only CDC schemes open.
2029
Half 1
- First retirement-only CDC authorisations issued.