养老金计划法案2026：你需要知道的内容

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 constitutesa framework that grants powers to make regulations. The detail of the measuresincluded in the Act will be set out in those regulations. We take a journey through the Act, and signpost you to the key provisions and what isnext. Introduction The Act implements measures in the following areas. Defined Benefit (DB) Pensions 1. Local Government Pension Scheme (LGPS) Background What Is Next? 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.Following further consultation on LGPS measures, the government announced thatit would take forward measures in relation to pooling of assets, local investment andstrengthening fund governance. •The government is expected to publish its response to the technical consultation on “Fitfor the Future”, and lay the regulations, in the next few weeks. •All pools will have to be established as UK alternative investment fund managers by 30September 2027. 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, ina specific asset pool. This fits with the government’s policy to reduce the number ofasset pools from eight to six.–Make provision in relation to a scheme manager’s investment strategy, includingrequirements in relation to cooperation with a local authority to identify and developappropriate local investments.–Make provision in relation to scheme governance reviews and the publication ofrelevant guidance.•The Act also facilitates the compulsory merger of LGPS funds. 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 willcome into force. 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 employerwas reduced from 35% to 25%. By 31 December 2024, The Pensions Regulator’s (TPR)annual funding statement found that 85% of DB schemes were in surplus on the technicalprovisions basis. A government press release in May 2025 said that “the funding positionof schemes in deficit has improved significantly, from a collective deficit of £500 billion in2019 to a deficit of just £140 billion in 2024. Schemes running at a surplus have seen theircollective surplus now rise to more than £160 billion”. By 2025, there was once again anappetite for relaxing the ability to release surplus to employers. What Is Next? •Further detail will be set out in draft regulations that will be the subject of consultationexpected by the end of 2026.•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 bereleased by reference to the low dependency basis, rather than full buyout basis.•The rate of taxation applicable to surplus extracted from DB schemes will remain at25%.•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 nostatutory override to make payments if the scheme rules do not allow this. •Section 251 PA04, which included a requirement that trustees must have passed aresolution before 6 April 2016 to preserve any power in