Pensions Regulator updates 2026 scheme return questions for DB and hybrid schemes

The Regulator has updated the questions included in scheme returns for DB and hybrid pension schemes. Most schemes are obliged to submit annual returns to the Regulator.

For the next round of returns, there will be new questions in two areas:

• Leveraged liability-driven investment (LDI) arrangements. Schemes with leveraged LDI arrangements will be asked how they prepare for collateral calls under extreme market conditions. They will be required to provide details of pre-agreed asset sale plans and the asset classes they would sell under these plans, using categories specified by the Regulator.
• Asset breakdown. To help the Regulator track how large schemes' asset allocations change over time, schemes with total protected liabilities for the purposes of section 179 of the Pensions Act 2004 of £1.5 bn or more will be asked to provide a more detailed breakdown of their unquoted and private equity asset class. This will need to reflect certain sub-categories such as venture capital and private equity, together with a UK and non-UK split.

Schemes will receive scheme return notices from the Regulator in early 2026 and, if required to submit a return, must do so using the online Exchange system by March 31, 2026.