Pensions Planner - Autumn 2025

Introduction

Where to start? This edition of the Planner covers more than 50 different announcements and publications, but pride of place must go to the far-reaching Pension Schemes Bill.

Debate in the House of Commons focussed on the Bill's provisions about access to surplus and "mandation". The provisions about surplus, in so far as they go, are straightforward and pragmatic; the Government has, as promised, included a fundamental safeguard, namely that any access to surplus will be subject to trustee consent. Industry eyes will be on two things yet to come: a consultation on the relevant funding test, and guidance for trustees from The Pensions Regulator. Clues as to TPR's thinking can be found in a recent publication about new models and options for DB schemes.