Powered by Lexis+®
Jurisdiction(s):
United Kingdom

UK pensions: Lords amend Pension Schemes Bill; TPR issues Virgin Media guidance, innovation priorities and master trust reserving update; FCA consults on simplified advice; HMT and FCA outline FOS reforms

Published on: 26 March 2026

Published by a LexisNexis Pensions expert
Legal News
imgtext
Article summary

In this issue:

  • Pension Schemes Bill
  • The Pensions Regulator
  • Financial Conduct Authority
  • Daily and weekly news alerts
  • Dates for your diary
  • Trackers

Pension Schemes Bill

Bill amendments agreed in Report Stage of the House of Lords

On 16, 19 and 23 March 2026, notable changes (including non-government proposals) were agreed to the Pension Schemes Bill, most prominently scrapping the reserve power to dictate how certain schemes invest their assets, whilst preserving the broader framework on scheme scale. The Lords also set out a fresh regulatory exemption from scale obligations, permitting schemes to forgo consolidation where it would not enhance member outcomes, together with new duties on the government to factor in innovation and competition when drafting regulations.

Other agreed amendments include:

  • confirming that the guided retirement duty extends to deferred members as well as active members and pensioners
  • adding a new chapter to the PSB on the Atomic Weapons Establishment (AWE) Pension Scheme, enabling all accrued rights under the AWE Pension Scheme to be moved into a new public sector pension scheme without consent
  • clarifying how the provisions on indexation of pre-1997 pension benefits should apply where a scheme only required pre-1997 indexation for the

...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Popular documents

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Read More Right Arrow

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Read More Right Arrow

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Read More Right Arrow

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...

Read More Right Arrow