Pensions Compass
Jul 3, 2025

Part 1 – Pension Schemes Bill timeline

The Government’s indicative timeline is summarised below, subject to any changes such as delay as the Bill goes through Parliament.

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Broadly, 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 to be made/published in 2027 and onwards.

Summary Indicative Timeline

Selected Provisions of the Bill
5^th June 2025	Pension Schemes Bill published and First Reading in Parliament
7^th July 2025	Expected Second Reading in Parliament
July 2025 to say May 2026	Remaining stages in Parliament (House of Commons and House of Lords)
By June 2026	Royal Assent
Consultation on Regulations
July 2026 onwards	Consultation on Superfunds Regulations Consultation on Surplus Regulations Consultation on Value for Money (VFM) Regulations and statutory Guidance Consultation on DC Consolidation (scale and asset allocation for certain commercial master trusts and group personal pension schemes) Consultation on DC Small Pots Regulations Consultation on Guided Retirement (requirement for default retirement solutions for certain DC schemes’ retirees)
Regulations
During 2027 and 2028	Superfunds Regulations Surplus Regulations VFM Regulations and statutory Guidance DC Consolidation Regulations (and FCA rules) DC Small Pots Regulations (effective date not before 2030)
1. Collective Defined Contributions schemes (CDCs) for unconnected multiple employers –on 29 April 2025 DWP announced regulations paving the way for CDC to be introduced in Parliament in Autumn 2025. The Government intends to bring this legislation and an updated Pensions Regulator Code into force ”as soon as possible”. 2. The above Indicative Timeline relates only to private sector schemes and not to the Local Government Pension Schemes for which Government has set a separate timeline for reforms.

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