Pension Schemes Bill handbook – navigating the changing pensions landscape

By Richard Knight Louise Pettit

28 Oct 2025 4 min read

The Pension Schemes Bill will make wide-ranging reforms across the pensions eco-system – our handbook tracks the progress of key pensions law changes being made by the Bill and highlights what they mean for you and your scheme

First announced in July 2024’s King’s speech, the Pension Schemes Bill, described by many in the industry as a “game-changer”, will make sweeping reforms across the breadth of the pensions landscape. The reforms span the defined benefit (DB), defined contribution (DC) and local government pension scheme (LGPS) sectors and have at their heart a common theme – a vision of a future with fewer, bigger, better run schemes that are able to invest in a broader range of asset classes (including private equity and infrastructure), generate better returns and play a pivotal role in driving economic growth.

Our handbook

Our handbook is designed as a user-friendly guide to the key reforms. Each page sets out the current legal position, details of the proposed changes and likely timeframes for implementation, as well as our commentary on what the changes may mean for interested parties.

With dedicated chapters for DB and DC schemes, and for the LGPS, our easy-to-navigate guide helps trustees, scheme managers, employers, LGPS funds and the wider pensions industry to identify the changes that impact them.

Explore the reforms in detail

Use our handbook to track the progress of the Pension Schemes Bill and understand what the changes mean for you and your scheme.

Read the handbook here

Looking ahead

The Bill is currently progressing through Parliament. This edition of the handbook reflects the amended version of the Bill that was published on 18 September 2025, following the conclusion of scrutiny by the House of Commons committee. A significant number of changes were made to the original draft at the committee stage, the majority of which were technical in nature, but there were substantive amendments too, including the addition of the proposed section 37 remedy (read more here). Further changes may follow the House of Lords debates on the draft Bill.

As you will see from the handbook, for many of the reforms being made, the Bill is only the beginning of the story, with details for implementation to follow in subsequent regulations and regulatory codes of practice and/or guidance. These regulations will be consulted on prior to issue. Although the DWP Roadmap, published on 5 June 2025 alongside the Bill, indicates the intention is that the Bill will receive Royal Assent in the first part of 2026, many of the changes being made will come into force at a later date.

And of course, reforms for pensions are not limited to the changes being made in this Bill. For example, we know that the Government intends to make changes to the inheritance tax regime to bring unused pots and death benefits within scope with effect from April 2027. And a Pension Reform Bill is expected to follow in 2026, which it is anticipated will make changes to the way trustees are supervised and regulated, with a consultation on measures to improve governance of trust-based schemes planned for later this year, and the Pensions Regulator already consulting on an updated enforcement strategy.

Contact Us

If you would like to discuss any of the proposed reforms contained in the Pension Schemes Bill or other anticipated changes, contact Richard Knight or your usual Burges Salmon representative from our wider Pensions and Lifetime Savings team.

Disclaimer: This update gives general information only and is not intended to be exhaustive. Although we have taken care over the information, you should not rely on it as legal advice. We do not accept any liability to anyone who does rely on its contents.