PARLIAMENT Effective Date Effect Bills (and Acts not yet in force) FINANCE BILL 2025/2026 HMRC published draft IHT legislation on 21 July 2025 The Bill will be introduced in Parliament following the Chancellor’s Autumn Budget on 26 November 2025 including
More about Part 4 – Pensions Ready Reckoner October 2025The government’s original proposals aimed to address concerns that pensions were increasingly being used as strategic estate planning vehicles, rather than encouraging saving for retirement. However, the proposals raised confusion in the industry as it was not clear whether all
More about From nest egg to tax target: Pension funds will no longer be exempt from IHTBroadly, the Bill’s Royal Assent is not expected until mid-2026. Then Consultation starts on the proposed associated Regulations on which the government has to consult – which it must do in many cases. Finalised Regulations and Guidances are generally likely
More about Part 1 – Pension Schemes Bill timelineThe UK Government has taken a significant step with the introduction of the new Pension Schemes Bill towards making it easier for defined benefit (“DB“) pension scheme surpluses to be paid to employers. According to the Government’s consultation response in
More about Part 2 – Surplus reformsOn 5 June 2025, the UK Government published the Pension Schemes Bill, outlining significant reforms aimed at transforming the defined contribution (“DC“) pension scheme landscape. The Bill was accompanied by the Government’s final report on its Pension Investment Review and a DWP publication entitled “Workplace
More about Part 3 – Pension Schemes Bill – Defined contribution schemesOther Bill Changes Some other changes in the Bill not featured in the preceding parts of this Pensions Compass: Pensions Ombudsman and Recovery of Overpayments The Bill gives the PO power (like those of a competent court) to facilitate scheme
More about Part 4 – Pensions scheme bill: Other changes and missing legislationUndoubtedly the Government’s aims are bold: to slant schemes’ investments in ways the Government perceive to be in the interests of the UK economy, improving the lot of members by hopefully enhancing investment returns, and releasing – so the Government hopes
More about Pension Schemes Bill due to be laid in parliament on 5th June 2025 – Giant STEP forward?On 28 January 2025, the UK Government announced proposed legislative changes aimed at unlocking scheme surpluses. The changes are aimed at allowing employers to access surplus funds ‘trapped’ within schemes to enable trustees and sponsoring employers the ability to boost
More about Part 1 – Defined benefit (DB) surplus – UK government plans major changes to trapped surplus regimeBackground In 2005, Janus Henderson, the asset management group (formerly the Henderson Group) established an employee benefit trust to benefit employees and their families, and an employer-financed retirement benefit scheme in 2011 (established in anticipation of legislative changes), to benefit
More about Part 2 – High court decision – IHT mistake allowed for trust rescissionThe Pensions Ombudsman (“TPO”) has recently issued two noteworthy determinations with important implications for pension schemes and their members: (i) Mr H v Olivetti UK Limited Pension and Life Assurance Scheme (“Mr H’s Case”); and (ii) Mr N v Volkswagen
More about Part 3 – Pick of the pensions ombudsman’s decisions