Pensions Weekly Update – 13 May 2026

Here is our weekly summary of key legal and regulatory developments relevant to occupational pension schemes that you might have missed, with links for further information.

• The full text of the Pension Schemes Act 2026 is now available. Our short form publication summarises the key measures in the Pension Schemes Act 2026. Watch out for a more detailed publication later this week.
• The Pensions Regulator (TPR) has issued its annual funding statement 2026. This is particularly relevant for defined benefit (DB) schemes with valuation dates between 22 September 2025 and 21 September 2026. Most schemes continue to see positive funding levels. Estimates as of 31 December 2025 indicate that around 90% of schemes are in surplus on a technical provisions basis, 80% of schemes are in surplus on a TPR-derived low dependency basis (with 60% of schemes funded at more than 110% on this basis) and 60% of schemes are in surplus on a buyout basis. TPR expects most schemes in this tranche (now