Key Takeaways
- • The UK Pension Schemes Bill received Royal Assent on Wednesday 29 April 2026, becoming an Act of Parliament after both Houses agreed its final text, according to UK Parliament.
- • The bill returned to the House of Lords on Tuesday 28 April for a fourth round of 'ping pong' consideration of Commons reasons to disagree with Lords changes.
- • Unresolved issues centred on government powers to mandate pension investments and on lowering the legal threshold for schemes to opt out, which protects members' savings.
- • The government says the reforms are designed to improve outcomes for savers and encourage pension schemes to invest in the UK economy.
- • The bill was considered in the Lords between 5 December 2025 and 26 March 2026, with Commons-Lords disputes running across four amendment days in April.
Summary
The Pension Schemes Bill has become law after receiving Royal Assent on Wednesday 29 April 2026, following final agreement between the House of Commons and the House of Lords on its text. According to the UK Parliament, the bill will implement government commitments to reform private pensions, with the stated aims of improving outcomes for savers and encouraging pension schemes to invest in the UK economy.
The bill's passage involved an extended process of parliamentary 'ping pong', in which the Commons and Lords exchanged amendments. The Lords considered the bill between 5 December 2025 and 26 March 2026. It then returned to the Commons, and members considered the Commons reasons to disagree with Lords changes on 20, 22, 27 and 28 April. On 28 April, the Lords considered these reasons for a fourth time.
The main outstanding disputes concerned government powers to mandate pension investments and the proposal to lower the legal threshold for schemes to opt out, a measure aimed at protecting members' savings. Other subjects debated during the April sessions included benchmarking of Local Government Pension Scheme liabilities, interim reviews of employer LGPS contribution rates, extension of dormant pension classification periods, removal of reserve powers on asset allocation, exemptions from scale requirements, competition among pension scheme providers, and government review of public service pension schemes. Several of these issues saw the Lords reinstate or propose alternative changes, and the Commons insisted on its position in some votes.
The bill's earlier stages included second reading on 18 December 2025, committee stage between 12 January and 23 February 2026, report stage between 16 and 23 March, and third reading on 26 March, when members made small changes to ensure the bill was effective. Full parliamentary materials, including Hansard transcripts and a House of Lords Library briefing, are available through the UK Parliament website.
The bill's passage involved an extended process of parliamentary 'ping pong', in which the Commons and Lords exchanged amendments. The Lords considered the bill between 5 December 2025 and 26 March 2026. It then returned to the Commons, and members considered the Commons reasons to disagree with Lords changes on 20, 22, 27 and 28 April. On 28 April, the Lords considered these reasons for a fourth time.
The main outstanding disputes concerned government powers to mandate pension investments and the proposal to lower the legal threshold for schemes to opt out, a measure aimed at protecting members' savings. Other subjects debated during the April sessions included benchmarking of Local Government Pension Scheme liabilities, interim reviews of employer LGPS contribution rates, extension of dormant pension classification periods, removal of reserve powers on asset allocation, exemptions from scale requirements, competition among pension scheme providers, and government review of public service pension schemes. Several of these issues saw the Lords reinstate or propose alternative changes, and the Commons insisted on its position in some votes.
The bill's earlier stages included second reading on 18 December 2025, committee stage between 12 January and 23 February 2026, report stage between 16 and 23 March, and third reading on 26 March, when members made small changes to ensure the bill was effective. Full parliamentary materials, including Hansard transcripts and a House of Lords Library briefing, are available through the UK Parliament website.
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