I have built a Beacon – full pyramid using Iron Blocks.
It is completely solid. I then chose the buffs – Haste II, as well as Regen for having the full pyramid, then activated it using an Iron Ingot.
However, even though I have the Haste II status effect applied, (the icon appears in my HUD, and the counter refreshes every 3 seconds), it has not applied the Regen (no icons appeared on my HUD) and it does not seem to actually apply to my digging speed at all – I have tried with two different Picks, one with Efficiency V, and one without. It takes just as long to mine if I did not have the Haste II enchantment applied at all.
Best Answer
So, as Fabian suggested in the comments, I missed a step.
I missed step 3.
I still don't understand why the effect appeared on my HUD, when it had not properly been selected in the beacon, it may be a bug, but I don't know.