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 Pensions Regulator (TPR) has issued some strong messages for trustees of small defined contribution (DC) schemes. In a recent blog, Kim Goodall-Brown, Director of DC and Master Trust Supervision, says that trustees of smaller DC schemes face difficult decisions ahead of new duties (on value for money, small pot consolidation and guided retirement) under the Pension Schemes Bill. She says that trustees “cannot wait” until the new duties are in force and “must take a clear-eyed look at whether they can continue to meet rising expectations, or whether members would be better served through consolidation or wind up”. TPR has published new consolidation guidance to help trustees considering transferring members to a master trust and it has also refreshed its DC winding up guidance. Separately, a press release issued with TPR’s climate adaption report 2025 states that “there are too many small DC schemes where trustees' knowledge of the scale of financial risks posed by climate change is limited. As a result, TPR is calling on those trustees to upskill or consider consolidating in savers’ interests”. The climate adaption report is TPR’s contribution to the national assessment of the resilience of the UK to climate change.
On 15 April 2026, the House of Lords’ amendments to the Pension Schemes Bill will be debated in the House of Commons. The latest House of Commons research briefing contains further information. Pat McFadden, Secretary of State for Work and Pensions, has set out motions, which include the introduction of caps on the government’s power to mandate the way in which trustees invest DC funds. The caps reflect the voluntary agreement reached under the Mansion House Accord. Look out for our newsletters when the Pension Schemes Bill receives royal assent.
The government has responded to the report of the House of Lords Economic Affairs Committee on “Inheritance tax measures: unused pension funds and agricultural and business property reliefs”. Included in the response is a statement that the government will consult this Spring on the framework to allow personal representatives and pension scheme administrators to exchange all the necessary information for inheritance tax purposes promptly.
Starting from this month, the state pension age is gradually increasing from age 66 up to age 67. People born between 6 April 1960 and 5 March 1961 will reach their State Pension age at 66 years and a specified number of months.
The Pensions Dashboards Programme is hosting a webinar on Tuesday 21 April at 4 p.m. to discuss the findings of phase 1 of the MoneyHelper dashboard user testing.
Our Labour & Employment colleagues have issued a handy publication summarising key employment law changes coming into effect this month.
If you would like specific advice on any of these issues or anything else, please contact a member of our Pensions team.
