Pension Schemes Act handbook – navigating the changing pensions landscape

By Richard Knight Louise Pettit

26 Mar 2026 4 min read

The Pension Schemes Act 2026 makes wide-ranging reforms across the pensions eco-system – our handbook summarises the key pensions law changes being made by the Act and highlights what they mean for you and your scheme

First announced in July 2024’s King’s speech, the Pension Schemes Act, 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) and defined contribution (DB) universes as well as the Local Government Pension Scheme (LGPS), 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 existing legal position, details of what is changing 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 find out more about the key measures in the Pension Schemes Act and understand what the changes mean for you and your scheme.

Read the handbook here

The road to 2030 and beyond

The Act received Royal Assent on 29 April 2026, marking the conclusion of a legislative journey that began on 5 June 2025 when the Bill was introduced. The Bill was amended, expanded and improved as it made its way through Parliament, with notable changes along the way including the addition of the section 37 remedy measures, the introduction of provisions to provide increases for pre 1997 members of the PPF and FAS, and of course the significant amendments made to restrict the use of the so-called “investment mandation” power which resulted from a period of “ping pong” between the Houses in the final stages. This edition of the handbook sets out the final measures contained in the statute.

Of course, for many of the reforms being made the Act is only the beginning of the story, with details for implementation to follow in subsequent regulations and regulatory codes of practice and/or guidance. Whilst some measures, including the section 37 remedy provisions and those reaffirming the Pensions Ombudsman’s ability to order enforceable recovery of overpayments, came into force immediately on the day the Act was passed, much of rest of the Act will be brought into force by regulations at a later date.

And of course, reforms for pensions are not limited to the changes being made in this Act. The handbook incorporates a “Beyond the PSA26” chapter, which sets out developments in respect of changes to salary sacrifice and inheritance tax rules for pensions, as well as the latest on statutory guidance for trustees on investments. In addition, it is anticipated that further legislative change may follow, with TPR having suggested last year that we may see a Pension Reform Act later in 2026. A DWP consultation on measures to improve governance of trust-based schemes has recently concluded, and we await the outcome. And of course the Pensions Commission looking at pensions adequacy is expected to issue its interim report this Spring.

Contact Us

If you would like to discuss any aspect of the Pension Schemes Act reforms 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.