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《2026年养老金计划法案》：你需要知道什么

2026-05-19 翰宇国际律师事务所健康🧧

The Pension Schemes Act 2026, which received royal assent on 29 April 2026, introduces a framework for various reforms in Defined Benefit (DB) and Defined Contribution (DC) pension schemes. The Act mainly grants powers to make regulations, with specific measures outlined in subsequent regulations.

Defined Benefit (DB) Pensions:

Local Government Pension Scheme (LGPS): The Act provides a framework for regulations on asset pooling, local investment, and fund governance. It facilitates the compulsory merger of LGPS funds. Most measures came into force on 29 April 2026.
Power to Pay Surplus to Employer: The Act introduces a statutory power allowing trustees to modify scheme rules to permit surplus extraction from DB schemes. The power to make regulations came into force on 29 April 2026, with the remainder of these provisions to come into force at a later date. The government plans to set the threshold for surplus release by reference to the low dependency basis, with the tax rate remaining at 25%.

Defined Contribution (DC) Pensions:

Value for Money (VFM): The Act sets out the framework for regulations to evaluate and promote best practice in DC schemes. Regulations will cover assessment of investment performance, service quality, costs, and charges, with schemes not meeting VFM requirements facing member transfers. VFM will come into force on a date specified in regulations.
Consolidation of Small Dormant DC Pension Pots: The Act establishes a framework for the automatic consolidation of DC pension pots with a value of up to £1,000 where a member has not made any contributions or investment decisions for at least 12 months. This applies to schemes used for automatic enrolment, with regulations expected in 2027/28.
Scale and Asset Allocation (Mandation): The Act introduces a requirement for UK resident authorised master trusts and group personal pension schemes (GPPs) to have at least £25 billion of assets under management (AUM) in their main scale default arrangements by 2030. It also includes provisions for asset allocation, with the power to mandate a certain proportion of DC main default funds to be invested in productive finance. The scaling provisions must not be brought into force before 1 January 2030, and asset allocation regulations must not be made before 1 January 2028.
Default Arrangements and FCA Contractual Override: The Act sets out the framework for regulations to prevent providers from operating new non-scale default arrangements and requires the consolidation of existing non-scale default arrangements. It also introduces a contractual override regime for FCA-regulated pension schemes in relation to underperforming and legacy arrangements.
Guided Retirement: The Act requires trustees or managers to prepare, publish, and review a pension benefits strategy, including identifying and implementing steps to understand member requirements, designing or identifying default solutions, and communicating effectively with members. Regulations are expected in 2026-2027.

Superfunds:

The Act sets out a framework for the authorisation and regulation of DB commercial consolidators, referred to as superfunds. TPR’s approval will be required before a transfer may be made to a superfund. Regulations are expected in 2026, with the new regime for superfunds expected to be in place during 2028.

Miscellaneous:

Virgin Media Remedy: The Act introduces a remedy for schemes in England, Wales, Scotland, and Northern Ireland, including “public service schemes,” relating to amendments to benefits in schemes contracted out on the reference scheme test basis between 6 April 1997 and 5 April 2016.
PPF and FAS: The Act introduces indexation of PPF and FAS compensation in relation to pre-1997 accrual. It also introduces measures to address limitations on the PPF levy and provides that administration and other costs of the PPF and PPF Ombudsman will be met out of PPF funds.
The Pensions Ombudsman (TPO): The Act amends section 91(6) PA95, allowing trustees to offset future pension payments from a member’s pension after obtaining a determination made by TPO in their favour, without needing to seek a county court enforcement order.
AWE Pension Scheme and a New Public Sector Scheme: The Act creates the framework for the establishment of a new unfunded public sector scheme to take a transfer of the AWE pension scheme’s liabilities on a mirror image basis. The assets held by the scheme are to be sold and the proceeds transferred to the Treasury, with consequences for members being tax neutral.

What You Need to Know The Pension Schemes Act 2026 (Act) received royal assent on 29 April 2026. It tookless than a year from its first reading in the House of Commons, to becoming an actof Parliament. While the Act covers a diverse variety of topics, it mainly constitutes We take a journey through the Act, and signpost you to the key provisions and what is Introduction Defined Benefit (DB) Pensions 1. Local Government Pension Scheme (LGPS) What Is Next? Background Following the general election in 2024, the government announced that it would launcha pensions investment review. Its interim report was published in November 2024, whichput forward proposals to legislate to require the 86 LGPS administering authoritiesin England and Wales to consolidate their assets into fewer, larger pools of capital. •The government is expected to publish its response to the technical consultation on “Fit •All pools will have to be established as UK alternative investment fund managers by 30 What Does the Act Do? The Act implements the following measures. •The Act provides the framework for regulations to: –Make provision in relation to asset pools, including a requirement for asset pools tobe Financial Conduct Authority (FCA) authorised. It also includes the power to makeregulations to instruct a scheme manager to participate, or cease to participate, in –Make provision in relation to a scheme manager’s investment strategy, including –Make provision in relation to scheme governance reviews and the publication of •The Act also facilitates the compulsory merger of LGPS funds. Relevant sections of the Act: Sections 1 to 8 Effective date: Most measures came into force on 29 April 2026. 2. Power to Pay Surplus to Employer Relevant sections of the Act: Sections 9 to 10 Background Effective date: While the power to make regulations came into force on 29 April 2026,commencement regulations will specify when the remainder of these provisions will The Pensions Act 2004 (PA04) was brought into law at a time when many DB schemeswere in deficit. The PA04 introduced a requirement for trustees of DB schemes topass a resolution before April 2011 (which was subsequently extended to April 2016), ifthey wished to have the power to make payments from the scheme to the sponsoringemployer. Since then, scheme funding positions have, on the whole, improved, with thegovernment publishing a call for evidence in July 2023, followed by a consultation inFebruary 2024 on options for DB schemes, both of which explored possibilities for surplusextraction. From 6 April 2024, the tax charge on release of surplus to the employer What Is Next? •Further detail will be set out in draft regulations that will be the subject of consultation •Regulations are expected to be in place during the course of 2027. •The government has said that it is minded to set the threshold at which surplus can be •The rate of taxation applicable to surplus extracted from DB schemes will remain at •TPR is expected to develop guidance regarding surplus extraction by the end of 2027. What Does the Act Do? The Act implements the following measures. •A statutory power is introduced to allow trustees to modify scheme rules to permitsurplus extraction, or to remove or relax any restrictions on the exercise of an existingtrustee power. The use of the power is at the discretion of the trustees. There is no •Section 251 PA04, which included a requirement that trustees must have passed aresolution before 6 April 2016 to preserve any power in their rules allowing a refund of •Section 37 Pensions Act 1995 (PA95) is amended to set out new conditions for a refundof surplus. Old section 37 had included a provision that the power to refund surpluscould only be exercised if the trustees were satisfied that it was in the interests of the •The new power cannot be used if the scheme is already being wound up, nor can thetrustees pass a resolution to confer such a power to be used during future scheme wind Defined Contribution (DC) Pensions 3. Value for Money (VFM) What Does the Act Do? Background More than 11 million people have been automatically enrolled into a workplace pensionsince the introduction of automatic enrolment, with the majority becoming members ofa DC scheme. Government and regulators have introduced measures to drive up qualitystandards and improve member outcomes in DC schemes over the last decade. The focuswas originally on driving down member-borne costs and charges, but has now shifted to abroader assessment. Since 2021, the FCA and TPR have engaged with industry on a newframework and metrics to enable VFM to be assessed in a consistent way across the DCmarket. The latest VFM proposals (in a consultation issued 8 January 2026) cover howschemes would assess: investment performance (against forward and backward lookingmetrics), service quality, costs and charges. A central database would be maintained, •The Act gives wide regulation making power

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