The government has confirmed that the Pension Schemes Bill will begin the report stage and its third reading in the House of Commons on 3 December. 

The bill was first announced as part of the King's Speech in 2024, with many at the time praising the government for bringing forward existing policy initiatives so quickly.

The bill has since seen several significant changes, with more than a hundred pages worth of amendments tabled to the bill as it began the committee stage. 

This includes changes to address issues arising from the Virgin Media judgment, in an effort to quell industry uncertainty. 

Further amendments are also expected to be made before the bill is officially passed, including a measure to abolish the Pension Protection Fund (PPF) admin levy, as previously confirmed by the Pensions Minister, Torsten Bell. 

Several key amendments tabled by opposition MPs are also still to be debated, including a clause calling for an independent review into pension losses incurred by former employees of AEA Technology, calls to transfer the British Coal Staff Superannuation Scheme investment reserve to members, and a clause to review investment in defence companies within the Local Government Pension Scheme.

In addition to this, a clause from Plaid Cymru MP for Caerfyrddin, Ann Davies, has been tabled, which would require the Secretary of State to provide, through regulations, for indexation on PPF and Financial Assistance Scheme (FAS) compensation in respect of pre-1997 rights.

Liberal Democrat MP, Steve Darling, tabled a similar amendment, although instead of requiring a legislative change, this would require the government to publish a report on options for providing indexation of pre-1997 PPF and FAS benefits, with particular
regard to evidence provided by the Pensions Action Group, mortality data, scheme reserves, and the urgency of the issue.

Discussion of the proposed reserve power is also set to continue, with Shadow Economic Secretary, Mark Garnier, tabling two new amendments in relation to clause 38, the section of the bill relating to the reserve power.

In particular, Garnier's amendments would remove the ability of the government to set mandatory asset allocation targets for certain pension schemes, specifically requiring investments in UK productive assets such as private equity, private debt, and real estate.

The second amendment, meanwhile, would prevent use of the reserved mandation powers in this Bill until the government produces a report on the reasons why the powers are needed and the effects of the use of the powers and resolves any issues raised in the report.

Garnier, alongside many other industry spokespeople, has raised repeated concerns over the proposed power, branding it as the most controversial point in the bill at the first hearing during the committee stage of the bill.

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