04 August 2026
8 mins
Welcome to the latest edition of Current Issues. This month, we cover a wide range of developments shaping the pensions landscape. From the DWP's bumper, fun-packed, summer-holiday-edition bundle of documents, to legislation governing exchanges of pensions information following a death, for inheritance-tax purposes. Below, we’ve highlighted key issues from this month’s publication. Click here to view the full edition.
On 13 July 2026, the Department for Work and Pensions (DWP) published a bumper, fun-packed, summer-holiday-edition bundle of documents, laying out its plans for the implementation of the reforms contained in the Pension Schemes Act 2026. The main focus is on the Act’s defined contribution (DC) measures, though there are updated timing indications for both the DC and defined benefit (DB) elements.
His Majesty’s Revenue and Customs (HMRC) has published draft legislation, destined for the Finance Bill 2026/27, that would establish 'authorized member surplus payments' (AMSPs) as a new category of authorised payment within the pensions-tax legislation. The changes would be effective for payments on or after 6 April 2027, to coincide with the coming into force of Pensions Schemes Act 2026 reforms to the rules for extraction of surplus from private-sector defined-benefit (DB) schemes.
Legislation governing exchanges of pensions information following a death, for inheritance-tax purposes, has been laid before Parliament. The Registered Pension Schemes (Provision of Information) (Miscellaneous Amendments) Regulations 2026 will come into force on 6 April 2027, affecting deaths on or after that date. The Regulations differ in notable ways from those that were circulated for consultation, by His Majesty’s Revenue and Customs (HMRC), in May 2027.
The Government is consulting on proposed increases to the general levy on pension schemes, for the period from 2027 to 2030, having concluded that the current levy rates will fail to eliminate a large and growing deficit.
Lord Livermore, as Financial Secretary to the Treasury before the Burnham reshuffle, said that the Government would review rules on access to pension-scheme benefits by those who are terminally ill. He indicated that the review would look not only at the tax-law conditions for serious ill-health lump sums, but also at differences in eligibility from scheme to scheme, and for social-security benefits.
The draft Finance Bill 2026/27 measures published by His Majesty’s Revenue and Customs include temporary relief from stamp duty land tax , designed to facilitate the transfer of Local Government Pension Scheme assets, by administering authorities, into their asset pools. It would apply to transactions with an effective date in the period from the day of the 2026 Budget until 31 March 2032. The relief was foreshadowed in Budget 2025.
The DWP has handed four 'Growth Goals' to the Pensions Regulator, to clarify how it ought to go about supporting economic growth (whilst recognising that it has only indirect influence in that area). The Regulator is expected to factor the goals into its business planning and targets for 2027 to 2028.
Highlights from HMRC's Pension Schemes Newsletter 183 include the publication of draft Finance Bill clauses that would establish 'authorized member surplus payments' as a new form of authorised payment, and the introduction of an 'interactive guidance tool' as a way to find relevant guidance and submit queries.
If you have any queries about this publication, please get in touch.
This communication has been compiled by Hymans Robertson LLP® (HR) as a general information summary and is based on its understanding of events as at the date of publication, which may be subject to change. It is not to be relied upon for investment or financial decisions and is not a substitute for professional advice
(including for legal, investment or tax advice) on specific circumstances. HR accepts no liability for errors or omissions or reliance on any statement or opinion. Where we have relied upon data provided by third parties, reasonable care has been taken to assess its accuracy however we provide no guarantee and accept no liability in respect of any errors made by any third party.
Our round-up of the latest news and trends in pensions, investments, trusteeship and scheme management.
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