Current Issues - November 2025

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

Collective action

New legislation will allow the creation of collective defined contribution (CDC) schemes that can include multiple, unconnected employers. Employers can apply for authorisation as early as summer 2026. The Government is also seeking views on proposals for retirement-only CDC schemes.

Many proposed Pension Schemes Bill amendments 

There are many proposed amendments to the Pension Schemes Bill. These are being prepared for the Report Stage in the Commons. However, they are unlikely to be included unless they gain Government support.

Improving access to the LGPS 

The Ministry of Housing, Communities and Local Government (MHCLG) is consulting on changes to the Local Government Pension Scheme (LGPS) in England and Wales under the heading ‘Scheme improvements (access and protections)’. The proposals would allow councillors to regain access to the LGPS, extend membership to mayors, and bring the ‘new Fair Deal’ guidance into local-government outsourcing.

Statutory increase expectations

In October 2025, the Office for National Statistics reported a 3.8% rise in the Consumer Prices Index (CPI) from September 2024 to September 2025. Statutory orders for benefit increases in 2026 will reflect this figure.

Statistical incidents

Recent surveys and statistical publications have been released. We’ve summarised key findings, including pension trends and membership data.

HMRC newsletters: October 2025

His Majesty’s Revenue and Customs (HMRC) published Pension Schemes Newsletter 174.

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.