03 September 2026
6 mins
Welcome to the latest edition of Current Issues. This month, we cover a wide range of developments shaping the pensions landscape. From the HMRC's draft legislation for transitioning to a normal minimum pension age of 57 (taking place on 6 April 2028) to TPR's 'overviews' of the VfM framework for workplace money purchase schemes. Below, we’ve highlighted key issues from this month’s publication. Click here to view the full edition.
His Majesty’s Revenue and Customs (HMRC) is consulting on draft legislation intended to smooth the transition to a normal minimum pension age (NMPA) of 57 on 6 April 2028. The transitional provisions are required to prevent cases arising where people reach the current NMPA (55) before the change, becoming entitled to benefits, and then after the switch find that payments are unauthorized because they're still not yet 57.
His Majesty’s Revenue and Customs (HMRC) published Technical Note 2: Further Information on Inheritance Tax and Pensions. As with the first Technical Note, published in May 2026, much of the material is concerned with summarizing new requirements regarding the application of inheritance tax (IHT) to some pension benefits for deaths after 5 April 2027. However, it also gives scheme administrators useful practical insights into the information-sharing processes that HMRC expects them to operate.
The inaugural Burnham-era Budget will be delivered by new Chancellor of the Exchequer John Healey on 28 October 2026.
The Pensions Regulator published two ‘overviews’ of the forthcoming value-for-money (VFM) framework for workplace money purchase schemes, for which the first assessments will be submitted in 2028.
Highlights from HMRC's Pension Schemes Newsletter 183 include: promoting the consultation exercise on the draft ‘normal minimum pension age’ (NMPA) transitional regulations, and explaining the prerequisites for making an application for ‘non-statutory clearance’ (seeking guidance from HMRC in cases of genuine uncertainty about the tax rules).
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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.
Our round-up of the latest news and trends in pensions, investments, trusteeship and scheme management.
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