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 House of Lords Grand Committee finished its scrutiny of the Pension Schemes Bill on 23 February, and the bill will now move to the report stage on a date yet to be confirmed. Items discussed during the grand committee included pensions adequacy, different tax treatment of pension contributions, the provision of free financial advice to members, climate change risks, nature-related risks, scheme specific amendments, the affordability of unfunded public sector schemes and dashboards. During the debate, Baroness Sherlock said that the Pensions Commission would publish its interim report this spring, and the aim is for the final report to be published in early 2027. The statutory guidance on fiduciary duties, promised by the pensions minister, was also discussed. It was noted that primary legislation would be required to facilitate the guidance, and the government was urged to include that primary legislation in the Pension Schemes Bill. Baroness Sherlock said that the “government expect to consult widely on draft guidance later this spring. Members of the House will be kept fully updated as this work progresses and will be informed as soon as possible of our plans to take the legislative powers to develop this guidance. I hear the urgency expressed in the committee and the argument for using this vehicle [the Pension Schemes Bill] to do it and, as soon as I am in a position to inform noble lords about the decision that the government have reached, I will do that”. Finally, on dashboards connection, Baroness Sherlock summarised the current position. Over 700 of the largest pension providers and schemes are now connected to the dashboards ecosystem, and over 60 million records are now integrated into dashboards. Additionally, the state pension has also connected, adding tens of millions of state pension records.
The Financial Conduct Authority (FCA) has published a consultation on sustainability disclosure requirements for listed companies. These will replace the current rules that are aligned with the Taskforce on Climate-related Financial Disclosures (TCFD). Instead, the new requirements will be aligned with the UK sustainability reporting standards that the government is developing. The FCA says that the aim is to have proportionate rules that align with international standards, make sure investors can access clear, consistent and robust information about sustainability risks and opportunities, as well as support overseas companies to be more transparent about their sustainability reporting while removing duplication. Consultation on the FCA’s new rules closes on 20 March 2026.
The government has published part one of its response to its consultation on the Local Government Pension Scheme (LGPS) in England and Wales: scheme improvements (access and protections). The consultation set out proposals for four policy areas: normal minimum pension age, pensions for elected members, academies in the LGPS and new Fair Deal. Part one of the response confirms that elected mayors and councillors in England will be given access to the LGPS.
Adam Gifford, Senior Policy and Propositions Manager for the MoneyHelper Pensions Dashboard, has published a blog on how accessibility needs are being built into user testing and how this is shaping dashboards design. Current user testing includes people with mobility, visual, hearing, cognitive, learning and physical impairments.
In connection with the Employment Rights Act 2025, the government has published five new consultations covering fire and rehire, flexible working, tipping, statutory trade union recognition and the agency work regulatory framework. Our colleagues in the Labour & Employment team highlight in this Insight the key points for employers.
Look out for our Spring Hot Topics in Pensions next week. We promise an action-packed edition with a nostalgic theme.
If you would like specific advice on any of these issues or anything else, please contact a member of our Pensions team.
