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BREAKING NEWS: Pension Schemes Act comes into force in ‘landmark moment’, Bell says


By Natalie Tuck

The Pensions Schemes Act has come into force today (29 April) after being granted Royal Assent, in what Pensions Minister, Torsten Bell, described as a “landmark moment” for savers.

The passing into law, confirmed to Pensions Age by the Department for Work and Pensions (DWP), comes just one day after the former Pension Schemes Bill cleared parliament after the House of Lords accepted final amendments introducing new ‘guardrails’ on mandation powers.


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Pension Schemes Bill clears parliament with new ‘guardrails’ on mandation

The Pension Schemes Bill (PSB) cleared parliament last night (28 April), after the House of Lords accepted final amendments introducing new ‘guardrails’ on mandation powers

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TPR’s expanded CDC code of practice laid in parliament

The Pensions Regulator’s (TPR) updated code of practice for collective defined contribution (CDC) schemes has been laid before parliament, bringing multi‑employer CDC schemes a step closer to market

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Alltrust acquires Phoenix Wealth Family Suntrust schemes

Alltrust Services Limited has agreed to acquire the Phoenix Wealth Family Suntrust schemes, a move that would make it the only UK self‑invested personal pension (SIPP) provider accepting new business into a family pension trust structure once completed

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Retirement feels permanently out of reach to almost half of workers

Growing numbers of workers believe they will never be able to afford to retire, according to research by Wealth at Work

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Pension schemes warned of savers’ vulnerability to IHT scams

Pension schemes have been warned that savers face a growing risk of scams as unused pension pots are set to be brought within inheritance tax (IHT) calculations

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Schroders Capital commits £100m to UK innovations via new LTAF

Schroders Capital has committed over £100m to 19 innovative investments across artificial intelligence (AI) and biotech companies on behalf of the UK Innovation Long-Term Asset Fund (LTAF), the first structure of its kind for UK venture capital

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Over £160bn of DC assets in hands of fewer than 50 trustees, LCP warns

Fewer than 50 trustees now control more than half of all occupational (trust-based) defined contribution (DC) pension assets, according to research from LCP, raising concerns over governance, accountability and outcomes as the market consolidates into megafunds
House of Lords continues opposition to investment mandation despite Commons concessions

The House of Lords has voted to continue its opposition to investment mandation in the Pension Schemes Bill, despite a fresh round of concessions from the House of Commons aimed at easing concerns over trustee duties and member outcomes.

Peers backed an amendment to insist on their previous changes to the Pension Schemes Bill, by 197 votes to 129, prolonging the parliamentary standoff over the government’s proposed 'reserve power' on asset allocation
Riversmeet Advisory enters market with specialist executive search offering

Riversmeet Advisory, a new executive search and leadership advisory firm, has launched with a focus exclusively on the pensions, asset management and investment industries
UK ageing accelerates as over‑85 population set to double

The UK’s population is ageing rapidly, with the number of people aged 85 and over projected to double over the next 25 years, new figures from the Office for National Statistics (ONS) have shown

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UK state pension only 26% above cost of living

The UK state pension has stood at 26 per cent above the cost of living benchmark, leaving pensioners with an average monthly surplus of around £220 after covering basic living costs, according to Almond Financial’s 2026 Pension Breakeven Index
Trustees urged to assess admin risks amid buy-in market pressure

Trustees and sponsors must place greater focus on administration risks when selecting an insurer for a buy-in or buyout, amid continued high demand in the bulk annuity market, Gallagher has warned


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The debate between cost and value has continued to persist, as whilst increased scale has allowed providers to negotiate better fees, not all are convinced that this is delivering the best value for savers

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In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs

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