OpenLegislation

Pension Schemes Act 2026

2026 c. 22 · Enacted 29 April 2026 · Extends to United Kingdom

Not fully up to date. 3 changes made by later legislation have not yet been written into this text, which is revised to 29 June 2026.

See the changes not yet applied
ProvisionChangeMade by
s. 61(2)applied by 1995 c. 26, s. 75(1B) (as inserted)Pension Schemes Act 2026 s. 98(1)
s. 40(4)(8)repealed in partPension Schemes Act 2026 s. 133(6)
s. 61(2)applied by 2004 c. 35, s. 126(1B) (as inserted)Pension Schemes Act 2026 Sch. para. 15

An Act to make provision about pension schemes; and for connected purposes.

[29th April 2026]

Be it enacted by the King’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Contents

  1. Part 1: Defined benefit pensions
  2. Chapter 1: Local government pension schemes
  3. 1Asset pool companies
  4. 2Asset management
  5. 3Additional powers for certain scheme managers
  6. 4Exemption from public procurement rules
  7. 5Scheme manager governance reviews
  8. 6Mergers of funds
  9. 7Amendments of 2013 Act relating to scheme regulations
  10. 8Interpretation of Chapter 1
  11. Chapter 2: Powers to pay surplus to employer
  12. 9Power to modify scheme to allow for payment of surplus to employer
  13. 10Restrictions on exercise of power to pay surplus
  14. Part 2: Defined contribution pensions
  15. Chapter 1: Value for money
  16. 11Relevant schemes: value for money
  17. 12Publication etc of metric data
  18. 13VFM assessments
  19. 14Member satisfaction surveys
  20. 15VFM ratings
  21. 16Consequences of an intermediate rating
  22. 17Consequences of a “not delivering” rating
  23. 18Compliance and oversight
  24. 19Sharing of database where FCA makes corresponding rules
  25. 20Crown application Not yet in force
  26. 21Interpretation of Chapter Not yet in force
  27. Chapter 2: Consolidation of small dormant pension pots
  28. Power to make small pots regulations
  29. 22Small pots regulations
  30. Transfers
  31. 23Determination of destinations for small pots
  32. 24Transfer notices
  33. 25Exempt pots
  34. 26Transfer etc of small dormant pension pots
  35. 27Effect of transfer on membership of scheme etc
  36. 28Timing of transfers
  37. Authorisation
  38. 29Authorisation of consolidator schemes etc by the Pensions Regulator
  39. 30Consolidator schemes and consolidator arrangements
  40. Supplementary
  41. 31Further provision about contents of small pots regulations
  42. 32Enforcement by the Pensions Regulator
  43. 33Enforcement by the FCA
  44. Interpretation etc
  45. 34Power to alter definition of “small”
  46. 35Crown application
  47. 36Interpretation of Chapter
  48. 37Meaning of “pension pot”
  49. Amendments of other Acts
  50. 38Amendments of the Financial Services and Markets Act 2000
  51. 39Repeal of existing powers
  52. Chapter 3: Scale and asset allocation
  53. 40Certain schemes providing money purchase benefits: scale and asset allocation
  54. 41Amendments related to section 40
  55. Chapter 4: Default arrangements
  56. 42Regulations restricting creation of new non-scale default arrangements
  57. 43Review in relation to non-scale default arrangements Not yet in force
  58. 44Regulations about consolidation of non-scale default arrangements
  59. 45Regulations about default arrangements Not yet in force
  60. 46Amendments of the Financial Services and Markets Act 2000 Not yet in force
  61. 47Crown application Not yet in force
  62. 48Interpretation of Chapter Not yet in force
  63. Chapter 5: FCA-regulated pension schemes: contractual override
  64. 49FCA-regulated pension schemes: contractual override
  65. Chapter 6: Guided retirement
  66. 50Default pension benefit solutions
  67. 51Transferable members
  68. 52Provision and gathering of information
  69. 53Information etc in connection with selection of benefit solution
  70. 54Pension benefits strategy
  71. 55Enforcement and compliance
  72. 56Crown application Not yet in force
  73. 57Interpretation of Chapter Not yet in force
  74. 58Corresponding provision in relation to FCA-regulated schemes Not yet in force
  75. Part 3: Superfunds
  76. Chapter 1: Introductory Not yet in force
  77. 59Overview Not yet in force
  78. 60Key concepts Not yet in force
  79. 61Schemes divided into sections Not yet in force
  80. Chapter 2: Authorisation of superfunds
  81. 62Prohibition of unauthorised superfund activity Not yet in force
  82. 63Authorisation of superfunds
  83. 64Timing of decisions about authorisation Not yet in force
  84. Chapter 3: Approval of superfund transfers
  85. 65Prohibition of unapproved superfund transfers Not yet in force
  86. 66Approval of superfund transfers
  87. 67Special provision for certain schemes coming out of assessment period Not yet in force
  88. 68Applications for approval
  89. Chapter 4: Ongoing requirements of operating superfunds
  90. Governance and organisation
  91. 69Governance and structure
  92. 70Management documents
  93. Funding and investment
  94. 71Duty to monitor financial thresholds Not yet in force
  95. 72“Financial thresholds”
  96. 73Capital buffer: compulsory release to trustees
  97. 74Capital buffer: permitted release to other persons
  98. 75Capital buffer: investment
  99. 76Capital buffer: verification of valuations Not yet in force
  100. Approval and certification of key personnel
  101. 77Key functions
  102. 78Approval of individuals responsible for key functions
  103. 79Certification of staff supporting individuals responsible for key functions
  104. 80Approval of superfund scheme trustees
  105. Information and reporting
  106. 81Events to be notified to the Regulator
  107. 82Regular reporting
  108. 83Returns Not yet in force
  109. 84Reports in relation to alleged compliance breaches Not yet in force
  110. 85Provision of information by responsible body to trustees Not yet in force
  111. Chapter 5: Events of concern
  112. 86“Event of concern” and “period of concern”
  113. 87Notification of Regulator in respect of events of concern Not yet in force
  114. 88Responding to events of concern Not yet in force
  115. 89Content of response plan
  116. 90Regulator’s direction-making powers during period of concern Not yet in force
  117. 91Directions to pause payments or transfers of liabilities: supplementary provision
  118. 92Fixed penalty notices
  119. 93Escalating penalty notices
  120. 94Withdrawal of authorisation Not yet in force
  121. 95Release of capital buffer treated as reducing employer debt Not yet in force
  122. Chapter 6: General provision and interpretation
  123. 96Power to extend superfunds legislation to similar structures
  124. 97Construction of “occupational pension scheme” and “employer” in relation to superfund schemes Not yet in force
  125. 98Consequential amendments Not yet in force
  126. 99Transitional provision Not yet in force
  127. 100Interpretation of Part
  128. Part 4: Miscellaneous
  129. Chapter 1: Validity of certain alterations to salary-related contracted-out pension schemes
  130. Schemes in Great Britain
  131. 101Sections 101 to 104: interpretation and scope
  132. 102Validity of certain alterations to GB salary-related contracted-out pension schemes: subsisting schemes
  133. 103Validity of certain alterations to GB salary-related contracted-out pension schemes: wound up schemes and other special cases
  134. 104Powers to amend provisions of Chapter 1 etc: Great Britain
  135. Schemes in Northern Ireland
  136. 105Sections 105 to 108: interpretation and scope
  137. 106Validity of certain alterations to NI salary-related contracted-out pension schemes: subsisting schemes
  138. 107Validity of certain alterations to NI salary-related contracted-out pension schemes: wound up schemes and other special cases
  139. 108Powers to amend Chapter 1 etc: Northern Ireland
  140. Chapter 2: Pension compensation: indexation
  141. 109Indexation of periodic compensation for pre-1997 service: Great Britain
  142. 110Indexation of periodic compensation for pre-1997 service: Northern Ireland Not yet in force
  143. 111Financial Assistance Scheme: indexation of payments for pre-1997 service Not yet in force
  144. Chapter 3: AWE Pension Scheme
  145. New public pension schemes
  146. 112Establishment of new public schemes and transfer of rights
  147. 113New public schemes: further provision
  148. 114Protection against adverse treatment: transfer of rights
  149. 115Protection against adverse treatment: amendment of new public schemes
  150. 116Transfer of assets and liabilities
  151. Supplementary
  152. 117Taxation
  153. 118Information
  154. 119Regulations
  155. 120Interpretation
  156. Chapter 4: Other miscellaneous provision
  157. 121Alienation or forfeiture of occupational pension
  158. 122Terminal illness
  159. 123Pension protection levies
  160. 124Pensions dashboards
  161. 125Information to be given to pension schemes by employers
  162. 126Funding of the Board of the Pension Protection Fund
  163. 127Funding of the Ombudsman for the Board of the Pension Protection Fund
  164. 128Public service pension schemes
  165. Part 5: General
  166. 129Amendments of Pensions Act 2004
  167. 130Regulations: general
  168. 131Regulations: procedure
  169. 132Extent
  170. 133Commencement
  171. 134Short title
  172. Schedule: Amendments of Pensions Act 2004 Not yet in force
  173. 1Paragraph 1 Not yet in force
  174. 2Paragraph 2 Not yet in force
  175. 3Paragraph 3 Not yet in force
  176. 4Paragraph 4 Not yet in force
  177. 5Paragraph 5 Not yet in force
  178. 6Paragraph 6 Not yet in force
  179. 7Paragraph 7 Not yet in force
  180. 8Paragraph 8 Not yet in force
  181. 9Paragraph 9 Not yet in force
  182. 10Paragraph 10 Not yet in force
  183. 11Paragraph 11 Not yet in force
  184. 12Paragraph 12 Not yet in force
  185. 13Paragraph 13 Not yet in force
  186. 14Paragraph 14 Not yet in force
  187. 15Paragraph 15 Not yet in force
  188. 16Paragraph 16 Not yet in force
  189. 17Paragraph 17 Not yet in force
  190. 18Paragraph 18 Not yet in force
  191. 19Paragraph 19 Not yet in force
  192. 20Paragraph 20 Not yet in force
  193. 21Paragraph 21 Not yet in force