Current Issues - January 2026

Please see excerpts below from this month's Current Issues. Click here to read the full publication. 

Government ponders trusteeship, governance & admin

The Department for Work and Pensions (DWP) has, as promised, published a consultation paper about occupational pension scheme trusteeship. The document, Trust-based Pension Schemes: Trustees and Governance, Building a Stronger Future, asks 27 questions about the present and future state of trusteeship and governance, as well as possibilities for the regulation of administration providers.

Lording it over everyone: the Pension Schemes Bill

The Pension Schemes Bill 2024/26 reached the House of Lords (HoL) shortly before the Christmas break, receiving its Second Reading on 18 December 2025. It will now move on, early in the new year, to the Committee Stage, at which time members of the Lords are expected to test the Government’s policy in several areas in debate and with amendments.

Collective endeavours

There were further developments in December 2025 in the new and evolving area of collective benefit provision. The changes will facilitate its expansion beyond single-employer schemes, and update the rules on the registration of pension schemes for tax purposes.

Auto-enrolment thresholds reviewed & retained

The Department for Work and Pensions (DWP) has reviewed the auto-enrolment earnings trigger and qualifying earnings band and has decided they will (yet again) remain at their current levels in 2026/27.

The lilac’d tract is back

The Pension Protection Fund (PPF) has published the 2025 update to the Purple Book, its annual survey of the private-sector defined-benefit (DB) scene in the UK.

Growth-asset investment under the lens

The Pensions Regulator has begun investigating approaches and barriers to growth-asset investment. Initially, it's using its 'sector insights' and a strategy of 'targeted engagement' to gather intelligence, and is concentrating on larger schemes. It says it will intensify its efforts to improve governance standards, and that it expects trustees to have the ability and advisory support to consider diversifying their assets.

HMRC newsletters: December 2025

Highlights from HMRC's Pension Schemes Newsletter 176.

If you have any questions or would like to discuss further, 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.