UK pensions policy timeline

Virgin Media legislative solution comes into force

This should enable DB schemes to validate most historic amendments that have been called into question following the judgments in the Virgin Media case.

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Pension Commission's Interim Report published

This sets out the evidence base which underpins the Commission’s work and identifies the key issues the Commission will seek to address in its final report which is due to be published in 2027.

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Multi-employer Collective DC regulations come into force

These will pave the way for whole-life multi-employer collective DC schemes to be established for unconnected employers.

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Long-stop date for connecting to pension dashboards

This is the deadline by which all schemes with over 100 active and deferred members are legally required to have connected to the dashboards ecosystem. It is an important step on the journey to dashboards being made available to the public.

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Most unused DC pensions and death benefits to be brought into inheritance tax regime

This is a significant change which will see most unused DC pensions and lump sum death benefits included in a deceased member’s estate for inheritance tax purposes.

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New surplus rules and statutory modification power in force

This will make it easier for trustees to return surplus to their scheme’s sponsoring employer and scheme members while the scheme is ongoing.

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Fiduciary duty guidance published

The government is due to publish non-statutory guidance on trustees’ fiduciary duties in the context of investment decisions. This is intended to clarify the law in this area, including the process trustees should follow when making investment decisions and the factors they can take into account.

Pension Commission’s final report due

This will set out the Commission’s recommendations for the future of the UK pension system, including the right balance between state, workplace and private savings to address existing inequalities and help ensure individuals can enjoy a decent standard of living in retirement.

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First value for money data to be submitted to TPR

Large DC schemes and providers will be required to submit their value for money data to the Pensions Regulator or FCA for the first time. Find out more.

Contractual override introduced for contract-based schemes

This will enable providers of contract-based schemes to transfer savers to alternative pension arrangements or change the way in which a savers’ pension fund is invested without their consent, where they consider this to be in the savers’ best interests.

Statutory superfunds regime due to come into force

This will replace the regulator’s existing non-statutory regime for the authorisation and supervision of DB superfunds. It is likely to lead to the expansion of this sector.

First value for money assessments due to be published

This will make it easier to compare the value provided and net investment returns delivered by different DC workplace pension schemes and providers.

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Retirement CDC authorisation regime due to come into force

The government plans to introduce legislation to enable Retirement CDC schemes to be established in the UK. These could feature as part of a DC scheme’s guided retirement solutions.

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Applications for small pots consolidators due to open

This will pave the way for the introduction of the government’s small pots automatic transfer solution.

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Fragmentation review to begin

The government is due to conduct a review which will examine fragmentation within DC workplace pension schemes caused by the proliferation of default funds. Requirements relating to the creation of new default arrangements are due to be set out during 2029.

Applications to enter transition pathway due to open

Schemes with between £10bn and £25bn in their main scale default arrangement will be able to apply to enter the transition pathway where they expect to have at least £25bn worth of assets by 2035.

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First Retirement CDC schemes expected to receive authorisation

At least one provider has said it plans to launch a Retirement CDC scheme and others are also likely to. This will be a significant development and provide DC schemes with an additional option when they are designing and implementing their guided retirement solutions.

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Guided retirement introduced for DC master trusts and FCA-regulated workplace pension schemes

From this date, DC master trusts and FCA-regulated workplace pension schemes will be required to make available suitable retirement income solutions for their members.

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Outcome of Fragmentation review due to be published

This may lead to new restrictions on the creation of new default funds by workplace DC schemes.

Scale requirements for DC master trusts and GPPs in force

This is central to the government’s vision of having fewer, bigger DC master trusts and commercial workplace pension providers, which can deliver better outcomes for savers and invest more in UK productive assets.

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Automatic small pots transfer regime due to be introduced

This will help to reduce the number of small deferred pension pots being created within the workplace DC sector as a result of automatic enrolment.

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Guided retirement introduced for own trust DC schemes and schemes that plan to use Retirement CDC

From this date, trustees of own trust DC schemes will be required to make available suitable retirement income solutions for their members and savers. The government has also indicated that schemes that plan to use Retirement CDC as a default option will have until mid-2030 to comply. However, the details of the extension are still to be confirmed.

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