Current Issues - May 2026

Welcome to the latest edition of Current issues. This month, we cover a wide range of developments shaping the pensions landscape. From the Pension Schemes Bill moving closer to the statute book, to important updates on tax, regulation and dashboards, there is a lot for trustees, sponsors and advisers to consider. Below, we’ve highlighted key issues from this month’s publication. Click here to view the full edition.

We have ourselves a bouncing baby Pension Schemes Act 

The Pension Schemes Act 2026 received Royal Assent on 29 April 2026, at the last gasp of the 2024/26 session of Parliament. A stalemate had developed that ensured a nail-biting finale (if you’ll pardon the mild hyperbole) rather atypical of pensions legislation. Determined insistence by members of the House of Lords and Government compromise resulted in important changes at the latest of late stages.

Financial services: meeting guidance demands & resolving disputes

The Financial Conduct Authority (FCA) made several announcements recently, notably about steps taken to extend access to expert support for financial decisions. It’s also considering changes to its rules about regulated-firms' dispute-resolution procedures and complaints handling within the Financial Ombudsman Service. 

Back-dated benefit boosts in the LGPS

The Local Government Pension Scheme (Miscellaneous Amendments) (Member Benefits) Regulations 2026 have made changes to member benefits in the LGPS in England and Wales, in many cases retrospectively. Most notably, they are intended to make survivors’ benefits more equitable, and to narrow the gender pensions gap by amending the family leave rules. The amendments were amongst those published in draft form as part of the 'Access and Fairness' consultation exercise that began on 15 May 2025.

Dashboards diligence deep-dive

The Pensions Regulator has published a market-oversight report and blog post on the state of schemes' pensions dashboards preparations. It says that large schemes are mostly connected, and that many are working on the data and processes that they'll use to make matches to members. However, it reports that significant work remains to be done on the value information that will be provided to members, and that data-quality controls have yet to become business-as-usual activity.

PO presses ‘play’ on McCloud complaints

The Pensions Ombudsman said recently that he intends to publish 'significant determinations' on complaints about public-sector schemes’ implementation of the statutory remedy for McCloud discrimination. The Ombudsman also sketched out his thoughts on how scheme managers ought to address McCloud-remedy disputes.

TUPE too much or not enough?

The Department for Business and Trade has called for evidence on the operation of the Transfer of Undertakings (Protection of Employment)—'TUPE'—Regulations 2006. The call for evidence includes a question asking whether respondents are happy with the (limited) extent of the protections for employees’ pensions terms under TUPE. 

HMRC news: April 2026

Pension Schemes Newsletter 180 from His Majesty's Revenue and Customs (which has missed the golden opportunity for a darts reference) contains articles—

• on how to file pension scheme tax returns for 2025/26, and review, file and revise returns for earlier tax years;

• reminding readers about the new lifetime-allowance look-up feature available on the Managing Pension Schemes (MPS) service;

• about relief-at-source tax claims, including the move to digitization, or 'DigiRAS';

• on the action required by those who haven't yet migrated to the MPS from the old Pension Schemes Online service;

• providing 'early background' on the intended scope and effect of forthcoming transitional regulations for the 6 April 2028 increase to normal minimum pension age (NMPA)

• updating pensions-flexibility and scheme-registration statistics.

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.