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 promises to allow the creation of collective defined contribution (CDC) schemes that can accommodate multiple, unconnected employers. Those interested in establishing such schemes may be able to apply for the necessary authorisation as early as the summer of 2026. In addition, the Government is seeking opinions on its proposals for retirement-only CDC schemes. 

A plethora of Pension Schemes Bill amendments 

The list of proposed amendments put forward for the Pensions Schemes Bill, in preparation for its Report Stage in the Commons, is long and varied. However, the chances of them making the final cut may be slim, unless they garner Government support.

Improving access to the LGPS 

The Ministry of Housing, Communities and Local Government (MHCLG) is consulting on proposed changes to the Local Government Pension Scheme (LGPS) in England and Wales, under the heading of ‘Scheme improvements (access and protections)’. The proposals would result in councillors regaining access to the LGPS, extend membership to mayors, and bring the ‘new Fair Deal’ guidance into the world of 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. This figure, typically used to adjust UK pensions and benefits, will be reflected in statutory orders for benefit increases in 2026.

Statistical incidents

Last month saw the publication of various surveys and statistical publications. We’ve pulled together summaries and extracted some notable numbers. 

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.