Pension Schemes Act 2026

Clause 58, page 68, line 43, at end insert— “(8A) Regulations under subsection (5A) are subject to the negative procedure.”

Clause 58, page 68, line 32, at end insert— “(5A) The Secretary of State may by regulations modify subsection (2) in its application to a superfund transfer of a kind described in section 53(3) (merger of sections etc).”

Clause 58, page 68, line 42, at end insert— “(7A) Regulations under subsection (2)(d) are subject to the negative procedure.”

Clause 58, page 68, line 5, leave out from “period” to end of line and insert “specified in regulations made by the Secretary of State;”

Clause 65, page 73, line 2, leave out “for market value consideration” and insert “— “(a) in the ordinary course of the investment of the capital buffer, or

Clause 82, page 84, line 9, leave out “if no response plan has been approved” and insert “if a person has failed to comply with section 80(1) or (3)(b) (requirement to propose response plan or revised response plan)”

Clause 82, page 84, line 16, at end insert— “(1A) A direction under subsection (1)(c) may not require the provision of financial support to the superfund scheme.”

To move the following Clause— “Sharing of database where FCA makes corresponding rules

Clause 58, page 68, line 22, leave out paragraph (b)

Clause 58, page 68, line 1, at beginning insert “that it is reasonable to expect”

Clause 58, page 68, line 3, leave out “there is a very high likelihood” and insert “it is reasonable to expect”

To move the following Clause— “Information to be given to pension schemes by employers

To move the following Clause— “Regulations restricting creation of new non-scale default arrangements

To move the following Clause— “Review in relation to non-scale default arrangements

To move the following Clause— “Regulations about consolidation of non-scale default arrangements

To move the following Clause— “Amendments of the Financial Services and Markets Act 2000

To move the following Clause— “Crown application

To move the following Clause— “Interpretation of Chapter

Clause 58, page 67, line 34, leave out subsection (a) and insert— “(a) that, as at the date of the application, the financial position of the ceding scheme is—

Clause 58, page 67, line 34, leave out from “application” to end of line 36 and insert "the Trustees agree, after due consideration, that it is the best option for their fund's members;"

To move the following Clause— “Terminal illness: means of demonstrating eligibility

To move the following Clause— “Independent review into pension losses incurred by former employees of AEA Technology

To move the following Clause— “Transfer of British Coal Staff Superannuation Scheme investment reserve to members

To move the following Clause— “Review into investment in defence companies

To move the following Clause— “Review into defined benefit schemes’ social impact

To move the following Clause— “Cap on cost of advice for pension holders

To move the following Clause— “Targeted Advice Access for Under-Saving Cohorts

To move the following Clause— “Independent review of forfeiture of survivor pensions in police pension schemes

To move the following Clause— “Section 40 commencement

To move the following Clause— “Independent review into state deduction in defined benefit pension schemes

To move the following Clause— “Report on indexation of pre-1997 Pension Protection Fund and Financial Assistance Scheme benefits

To move the following Clause— “Establishment of targeted investment vehicles for pension funds

To move the following Clause— “Universal Pension Advice Entitlement

To move the following Clause— “Indexation of pre-1997 service

To move the following Clause— “Funding of the Ombudsman for the Board of the Pension Protection Fund

To move the following Clause— “Indexation of periodic compensation for pre-1997 service: Great Britain

To move the following Clause— “Financial Assistance Scheme: indexation of payments for pre-1997 service

To move the following Clause— “Exemption from public procurement rules

To move the following Clause— “Funding of the Board of the Pension Protection Fund

To move the following Clause— “Indexation of periodic compensation for pre-1997 service: Northern Ireland

After Clause 117, insert the following new Clause— “Review of impact of this Act on retirement incomes

After Clause 117, insert the following new Clause— “Comprehensive review of the differential treatment of pension contributions

After Clause 117, insert the following new Clause— “Review of barriers to UK investment by pension and investment funds

After Clause 117, insert the following new Clause— “Review of pension communications and financial promotion rules

After Clause 117, insert the following new Clause— “Fossil fuels and climate change risk

After Clause 117, insert the following new Clause— “Review of employment rates and pension adequacy

After Clause 117, insert the following new Clause— “Ministerial support for employer pension decision-making

[<i>Withdrawn</i>] Clause 11, page 13, line 20, at end insert—

[<i>Withdrawn</i>] Clause 11, page 13, line 39, leave out “affirmative” and insert “super-affirmative”

After Clause 117, insert the following new Clause— “Independent review of forfeiture of survivor pensions in police pension schemes

After Clause 117, insert the following new Clause— “Independent review into injustices in occupational pension schemes

After Clause 117, insert the following new Clause— “Universal Pension Advice Entitlement

After Clause 117, insert the following new Clause— “Independent review into pension losses incurred by former employees of AEA Technology

After Clause 117, insert the following new Clause— “Review of public service pension schemes

[<i>Withdrawn</i>] Clause 100, page 107, line 37, leave out subsections (9) and (10)

After Clause 117, insert the following new Clause— “Clarification of pension scheme investment duties

After Clause 7, insert the following new Clause— “Benchmarking Local Government Pension Scheme employer contributions

After Clause 117, insert the following new Clause— “Review pension schemes’ social impact

In subsection (3), after paragraph (d) insert— “(da) pension scheme members;”

After Clause 110, insert the following new Clause— “Transfer of benefits from PPF

After Clause 7, insert the following new Clause— “Benchmarking of Local Government Pension Scheme liabilities

After Clause 7, insert the following new Clause— “Review of the cost and sustainability of the Local Government Pension Scheme

After Clause 7, insert the following new Clause— “Independent inquiry into actuarial methodology and oversight of Local Government Pension Scheme valuations

Clause 1, page 2, line 39, leave out paragraph (b)

Clause 10, page 11, line 12, insert— “(2AA) Without prejudice to the generality of subsection (2A), regulations made under that subsection must include provision that takes into account the particular circumstances of occupational pension schemes established before the coming into force of the Pensions Act 1995 which, prior to that Act, possessed or were understood to possess a power to pay surplus to an employer.”

Clause 10, page 11, line 24, at end insert— “(e) requiring that the trustees are satisfied that it is in the interests of the members that the power to pay surplus is exercised in the manner proposed in relation to a payment before it is made.”

Clause 10, page 11, line 24, at end insert— “(e) requiring that the trustees have taken full account of the extent to which inflation has eroded the value of members’ pensions (as measured by the method prescribed in the applicable trust scheme) in considering whether to make any payment to the employer.”

Clause 10, page 11, line 23, after “notified” insert “and consulted”

Clause 10, page 11, line 22, at end insert— “(ca) requiring trustees to have received relevant actuarial advice about the impact of surplus distribution on scheme funding and future member or employer benefits, and the risks and benefits of alternative approaches to surplus payment, including—

Clause 10, page 11, line 32, at end insert— “(ca) requiring a decision on consent by an employer under paragraph (c) to be regarded as a prescribed decision for the purposes of regulations made under section 259 of the Pensions Act 2004 (consultation by employers: occupational pension schemes);”

Clause 4, page 6, line 17, at end insert “acting in their capacity as local government pension scheme managers”

Clause 4, page 7, line 11, after “a” insert “local government pension”

Clause 4, page 6, line 4, at end insert “acting in its capacity as a local government pension scheme manager”

Clause 1, page 3, line 7, at end insert— “(7A) Scheme regulations made under this section are subject to the agreed amendment procedure, as defined by section 120(4).”

Clause 2, page 4, line 24, at end insert— “(4A) The provision made by virtue of subsection (1) may not include any provision about investment in specific assets or asset classes or about the location of investments.”

After Clause 7, insert the following new Clause— “Interim reviews of employer contributions rates in the Local Government Pension Scheme

Clause 2, page 4, line 32, leave out from “managers” to end of line 33

Clause 1, page 2, line 31, at end insert— “(ca) the Government Actuary’s Department;

Clause 9, page 10, line 36, at end insert— “(6A) Prior to making modifications to scheme rules in line with this section, trustees must commission and consider relevant formal actuarial advice regarding the impact of surplus distribution on scheme funding and future member or employer benefits and must consider alternative approaches for dealing with a surplus that include—

After Clause 117, insert the following new Clause— “Review of member engagement and rights in pension schemes

Clause 137, page 156, line 33, leave out paragraph (f)

Clause 137, page 156, line 11, leave out subsection (6)

Clause 42, page 41, line 39, leave out “or [subsection removed]”

Clause 137, page 156, line 34, at end insert— “(g) section 130 comes into force on the day on which this Act is passed.”

Clause 42, page 53, line 20, leave out subsections (16) and (17)

The Schedule, page 158, line 30, leave out “[section removed]” and insert “28F”

Clause 137, page 156, line 34, at end insert— “(g) section 131 comes into force on the day on which this Act is passed.”

Clause 137, page 156, line 34, at end insert— “(g) section 132 comes into force on the day on which this Act is passed.”