The DWP has today published a new monitoring and evaluation plan known as The Pension Schemes Act 2026 Evaluation Strategy – the roadmap – which has been developed with the Treasury, the FCA and The Pensions Regulator (TPR).
The document develops the monitoring and evaluation plans laid out in the Pension Schemes Act Impact Assessment.
The DWP said the updated roadmap expands established core metrics and explores the outcomes and evaluation questions for individual policies.
It said this would be essential in understanding the impact of the policies in the Act and assessing progress being made across the pension landscape.
The new DWP document can be found here.
The plan sets out the intended sequencing of reforms affecting workplace pensions, giving schemes, providers and employers greater visibility of upcoming reforms.
The Society of Pension Professionals (SPP) said the monitoring and evaluation plan was, “an important opportunity to bring greater certainty to one of the most ambitious periods of pension reform in decades.”
However, the SPP said the publication should represent more than just another policy document: it said it must become the basis for a stable and deliverable programme of reform.
Gareth Stears, deputy chair of the SPP's administration committee, said: "The pensions industry has never shied away from change, but the volume of reforms currently in train shows clear planning is more important than ever.”
He said a roadmap was valuable because it allows schemes, administrators and providers to plan investment, allocate resources, train staff and deliver change in a way that maintains good outcomes for members.
“Without that certainty, there is a real risk that multiple reforms compete for the same finite operational capacity," he said.
Mr Stears said if the government can maintain a clear sequence of reforms, avoid unnecessary changes of direction and allow sufficient implementation time, the industry will be in a much stronger position to deliver lasting improvements for pension savers.
He added: “Good pensions policy isn’t just about deciding what to change. It’s about ensuring those changes can be implemented successfully. The roadmap is an important step towards achieving that.”
Kate Smith, head of pensions at Aegon, said: “We're pleased that the Government has listened to the pension industry's concerns about such a crowded pension reform agenda, the sequencing of the various initiatives, and the impact of implementation resource challenges.
“We're pleased that the Minister has accepted the need for a 'test' period for implementation of the Value for Money framework, something Aegon strongly argued for. However, the full launch timeline has not been put back as we had hoped."
She added: "Publishing the roadmap opens up a vital opportunity for discussion, for industry agreement and alignment on the most effective way forward and, ultimately, for the improvement of outcomes for our customers."
Jamie Jenkins, director of policy at Royal London, said: "It's encouraging the government has recognised the complexities involved in delivering the new Value For Money framework, as well as the Guided Retirement proposals, and set out a more pragmatic approach for introducing these important reforms."
He added: “As the industry works through this substantial programme of reform, we would encourage the government to avoid introducing further changes to private pensions, enabling providers to focus on implementing existing reforms effectively and helping savers to navigate an increasingly complex retirement landscape with confidence."