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ARTICLE · 10 NOVEMBER 2026

The Pensions Brief: November 2026

Mayer Brown
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The 2026 Budget introduces significant changes to pension tax rules, including the removal of the two-year deadline for tax-free lump sum death benefits and modifications to serious ill-health lump sum definitions. Meanwhile, the Pensions Regulator issues new guidance on artificial intelligence adoption and investment concentration risks, urging trustees to balance innovation with robust governance and risk management.

United KingdomEmployment and HR
Giles Bywater
Giles Bywater
Katherine Carter
Katherine Carter
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Issues Affecting All Schemes

Budget 2026: Pensions Announcements

The 2026 Budget contained a number of pensions-related announcements. Key points include:

  • The requirement for lump sum death benefits to be paid within two years of the member’s death for the payment to be tax-free (subject to the member’s lump sum and death benefit allowance) will be removed with effect from 28 October 2026.
  • The definition of a serious ill-health lump sum will be changed to align it with the social security definition of terminal illness, under which the member must be reasonably expected to die within the next 12 months. The definition of a registered medical practitioner will also be amended to allow overseas medical practitioners to provide evidence of a terminal diagnosis. These changes will take effect in 2027.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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