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UK pensions briefing: Commons rejects key Lords amendments, restores capped DC investment mandation; DWP to refresh Workplace Pensions Roadmap; FCA sets open finance course to 2030 (16 April 2026)

Published on: 16 April 2026

Published by a LexisNexis Pensions expert
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Pension Schemes Bill

House of Commons rejects most of the Lords’ amendments to the Pension Schemes Bill

On 10 April 2026, the government laid an amendment paper on the Pension Schemes Bill, outlining House of Commons motions to resist changes proposed by the House of Lords and to restore a narrower mandation power. That power would cap mandation at 10% of total assets in default funds and 5% in UK-linked holdings, in line with the thresholds set by the Mansion House Accord (a voluntary commitment by 17 of the UK’s largest DC pension providers to allocate more to unlisted investments globally and within the UK).

The House of Commons went on to consider the Lords’ amendments on 15 April 2026. During that debate, MPs largely backed the Lords’ non-contentious revisions—covering technical drafting corrections, administrative arrangements, and discrete measures such as the Atomic Weapons Establishment pension scheme transfer...

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