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ARTICLE · 05 MAY 2026

"Landmark" Pension Schemes Act Passed

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

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The Pension Schemes Bill has today received royal assent. Two weeks of parliamentary ping-pong ended last night, when the House of Lords agreed "mandation" measures following a series of Government concessions.

United KingdomEmployment and HR
Samantha Brown
Samantha Brown
Rachel Pinto
Rachel Pinto
Michael Aherne
Michael Aherne
Richard Evans
Richard Evans
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The Pension Schemes Bill has today received royal assent. Two weeks of parliamentary ping-pong ended last night, when the House of Lords agreed "mandation" measures following a series of Government concessions.

The resulting Act provides for various major reforms, aimed, in particular, at improving retirement outcomes and driving UK growth. Key provisions cover:

  • investment and governance under the Local Government Pension Scheme;
  • refunds of DB surplus;
  • superfunds and superfund transfers;
  • DC scale and asset allocation;
  • "guided retirement" for DC members;
  • the consolidation of small dormant pots;
  • value-for-money;
  • a "contractual override" for GPPs;
  • the indexation of pre-1997 PPF compensation; and

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