Pension Schemes Bill handbook – navigating the changing pensions landscape

By Richard Knight Louise Pettit

27 Jan 2026 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. The latest edition of the handbook reflects the amended version of the Bill that was published on 23 March 2026, following the completion of the report stage in the House of Lords. A number of substantive changes were made at report, incorporating both Government and non-Government changes. The handbook details the key amendments that have been made.

Please note that at this stage we have not included all of the non-Government additions to the Bill that were agreed by the House of Lords – these include new clauses requiring interim reviews of LGPS employer contribution rates, a review of the long-term affordability of public sector pension schemes and a review of pension communications and financial promotion rules. This is because it is not yet clear how likely these are to be included in the final statute.

Following its third reading in the Lords on 26 March the amended Bill now returns to the Commons for consideration. With a number of non-Government amendments agreed in the Lords, and some key Government provisions (including the controversial “investment mandation” power in respect of DC funds) rejected or amended it is anticipated that the Commons may not readily accept all of the changes. We may now see a period of ping pong between the Houses as they seek to agree the Bill’s final form.

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 certain death benefits within scope from April 2027. This latest edition of the handbook includes a new “Beyond the Bill” section covering the proposed changes to inheritance tax on pension benefits and salary sacrifice arrangements, as well as the latest on the promised statutory guidance for trustees on their investment duties.

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.