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Pension Schemes Bill: guided retirement duty for DC trustees - default pension benefit solutions, member communications and transfers, targeted support, and the 2026–2028 implementation roadmap

Practice notes
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After several further rounds of parliamentary ‘ping‑pong’ ending on 28 April 2026, the Pension Schemes Bill obtained Royal Assent on 29 April 2026, thereby becoming the Pension Schemes Act 2026 (PSA 2026). Among its provisions, PSA 2026 places duties on trustees of eligible occupational pension schemes to create default pension benefit pathways so DC members can receive a regular retirement income without having to choose. These default arrangements must be reviewed periodically, at intervals to be specified in regulations. If a suitable default cannot be offered within the existing scheme, alternative provisions allow members to be transferred to another scheme. A consultation is expected in 2026 on the guided retirement regulations and matching FCA rules, with both slated to be finalised in 2026/27. Trustees will be expected to begin complying with the duty in 2027, whereas group personal pension schemes are due to start compliance in 2028. This Practice Note will be updated once PSA 2026 has been published. For further details on PSA 2026, see ‘Pension Schemes Act 2026 – key measures and views from the market’, LNB News 29/04/2026 58.

What is guided retirement?

The Pension Schemes Act 2026 guided retirement rules will follow in regulations...

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Web page updated on 21/05/2026

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