10 March 2026
7 min
Please see excerpts below from this month's Current Issues. Click here to read the full publication.
The House of Lords has completed its examination of the Pension Schemes Bill 2024/26, in Grand Committee. The Bill will now move on to the Report Stage in the Lords, for which three sittings have been scheduled, on 16, 19 and 23 March 2026. So far, the legislation remains on track (barring an unexpected level of upper-chamber
uppishness, or other unforeseen circumstances) to receive Royal Assent in the spring.
The Pension Protection Fund (PPF) has confirmed that there will be no levy on 'conventional' schemes (those with substantive sponsoring employers) for the 2026/27 levy year. There will still be a levy for 'alternative covenant schemes' (for example, superfunds), though it's expected to be low.
The Ministry of Housing, Communities and Local Government has published details of the outcome of consultation on proposals to admit mayors, and re-admit councillors, to the Local Government Pension Scheme in England and Wales.
The Financial Reporting Council (FRC) confirmed that it would make no substantive changes to AS TM1, the actuarial technical memorandum that applies to statutory money purchase illustrations, following its annual review. Version 5.2 of TM1, effective from 6 April 2026, nevertheless has some clarificatory changes to the phrasing of requirements concerning fund-volatility calculation dates.
There were some interesting comments made by a First-tier Tribunal judge in a recent appeal against auto-enrolment penalties imposed by the Pensions Regulator. Although he dismissed the appeal on jurisdiction grounds, the judge went on to warn the Regulator not to allow the zeal of its staff to override its obligations to act fairly and in accordance with the law. He said that three of the Regulator's five core submissions in the appeal were 'simply wrong', and attributed its failings to 'the curse of "cut and paste"'.
The Information Commissioner's Office has published guidance on 'How to deal with data protection complaints'. The publication anticipates the 19 June 2026 commencement of the obligation on data controllers (such as pension scheme trustees), under section 103 of the Data (Use & Access) Act 2025, to establish a process for data subjects to make and receive responses to complaints.
Highlights from His Majesty's Revenue and Customs' (HMRC) Pension Schemes Newsletter 178.
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.
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