United Kingdom: Retirement, Superannuation & Pensions

This monthly briefing examines the latest regulatory developments affecting UK pension scheme trustees, including implementation timelines for the Pension Schemes Act 2026...

The Pensions Dashboards Programme reminds schemes of their post-connection obligations while A&O Shearman announces upcoming Pensions Academy Online sessions featuring TPR's Cliodhna Judge discussing AI's impact on UK pension schemes. Learn about maintaining accurate member data and explore the opportunities, risks, and regulatory expectations surrounding artificial intelligence in pensions.

The UK government has published extensive consultations and policy papers on major reforms to defined contribution pension schemes, including new requirements for default retirement income solutions, value-for-money assessments, and minimum scale thresholds. These changes, stemming from the Pension Schemes Act 2026, will fundamentally reshape how DC schemes operate and support members through retirement.

The UK government has released an updated roadmap for implementing the Pension Schemes Act 2026, introducing significant changes to workplace pension regulation.

Recent High Court and Pensions Ombudsman decisions reveal critical pitfalls in pension scheme administration, from ineffective forfeiture clauses to compromised dispute resolution processes. These cases demonstrate how seemingly minor drafting errors and procedural oversights can expose trustees to significant liability years after the fact.

HMRC has updated its VAT Input Tax Manual and VAT Notice 700/17, introducing significant changes to how employers and trustees can recover VAT on services provided to funded occupational pension schemes. While some changes reflect previously announced policies, the updates appear to narrow the circumstances for VAT recovery on administration services and remove guidance on tripartite agreements, creating uncertainty about the path forward for pension scheme arrangements.

Defence is a vital opportunity: With Europe on a war footing, defence offers compelling returns across technology, infrastructure and supply chains – but government must provide faster procurement, clearer contracting and stronger demand signals to mobilise private capital at scale.

Travers Smith's 5th annual Alternative Insights Summit explored how political upheaval, pension fund reform, and the push toward individual investor access are reshaping the alternative asset management landscape. Industry leaders debated whether UK pension funds can catch up to their Canadian and Australian counterparts, and whether opening private markets to retail investors presents opportunity or unacceptable risk.

This publication tracks upcoming legislative and regulatory developments affecting the pensions sector, providing a comprehensive overview of confirmed dates...