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 Institute for Fiscal Studies has published a report on potential reforms to increase the minimum pension contribution rates for workplace pension savers under automatic enrolment. The report examines trends in employer pension contributions and how patterns of saving differ between different types of employers and employees. It also highlights the “trade-offs” associated with higher contribution rates, especially for the lower paid, as a key challenge faced by the second pensions commission.
The government has issued a press release noting that a consortium of some of the UK’s largest pension providers has committed to explore the establishment of a “first-of-its-kind” investment vehicle dedicated to investing in scaling UK businesses, the proposed UK Scale-up Fund. The ambition is to create a fund of sufficient scale to target the best opportunities arising from UK innovation in science and technology. The consortium includes Railpen, NEST, LGPS Central, LPPI and Border to Coast with the British Business Bank supporting the initiative, as well as indicating its intention to invest alongside the group.
The Wider Implications Framework has produced its annual report 2025-2026. The framework brings together the Financial Conduct Authority (FCA), Financial Ombudsman Service, Financial Services Compensation Scheme, Money and Pensions Service and The Pensions Regulator (TPR) to ensure that the wider implications of regulatory and consumer issues are considered across the industry. The report includes case studies of collaboration, including the Advice and Guidance Boundary review, as well as TPR’s Pension Scams Action Group.
Last week, a House of Lords briefing was published, summarising the House of Lords Economic Affairs Committee’s (the Committee) report on preparing for an ageing society, together with the government’s response. The Committee said that it was “not convinced” that population ageing was “a priority or being taken at all seriously” by the government. The debate in the House of Lords (scheduled for 4 September 2026) could be an interesting session.
The Delegated Powers and Regulatory Reform Committee has published its end of session 2024-2026 report. The committee, which is appointed by the House of Lords to scrutinise the delegation of legislative powers in bills and the level of parliamentary scrutiny applied to those powers, considered 81 bills during the session. It notes that the government did not accept any recommendations in relation to three of the 52 reports it published, including those on the Pension Schemes Bill and the Data (Use and Access) Bill. Reiterating concerns expressed during its scrutiny of the Pension Schemes Bill, the committee noted its view that the bill was so heavily reliant on delegated powers that it effectively gave ministers a “blank cheque” to fill significant gaps through secondary legislation. While recognising the complexity of pensions legislation and the need for secondary legislation, the committee remained unconvinced by the government’s justification for the broad and unconstrained delegated powers. It also noted that its concerns were significant enough that it reported on the bill before the second reading, and invited ministers at the Department for Work and Pensions to meet with the committee to discuss its concerns.
Following a period of consultation, the government has updated its proposed code of practice on the new statutory right of trade unions to access workplaces. The new rights are due to come into force on 30 October this year. Our Labour & Employment team has produced updated FAQs to assist employers in preparing for these changes.
If you would like specific advice on any of these issues or anything else, please contact a member of our Pensions team.
