Key Takeaways
- • Government power to mandate pension funds on how they invest savers' money is set to become law after final passage of the Pension Schemes Bill in the House of Commons, according to Corporate Adviser's headline coverage.
- • The House of Lords accepted the final draft after further government concessions on mandate amendments, with both Houses now agreeing on the final text.
- • The Bill proceeds to Royal Assent to become the Pension Schemes Act 2026, which is reported to have received Royal Assent on 29 April 2026.
- • Reporting indicates the mandation power may be repealed by the end of 2035 if regulations are passed, a provision in-scope master trusts and GPPPs would track closely.
- • The Lords earlier voted to remove the government's reserve power to mandate scheme investment, a position that was overridden in the final text.
Summary
A government power to mandate how defined contribution pension schemes invest savers' money is set to become law after the Pension Schemes Bill passed its final stages in Parliament, according to Corporate Adviser. The House of Commons gave final passage to the Bill, and the House of Lords subsequently accepted the final draft after the government made further concessions on mandate amendments.
According to law-firm commentary, the House of Lords had earlier voted to remove the government's reserve power to mandate pension scheme investment from the Bill. The final text that cleared Parliament retains a mandation power in modified form, with the Bill moving to Royal Assent. Practical Law and other reviews describe the resulting Pension Schemes Act 2026 as covering a broad range of reforms, and one legal summary reports Royal Assent on 29 April 2026, after the Bill was introduced on 5 June 2025.
Under the mandation provisions, reporting indicates that if regulations are passed, the power would be repealed by the end of 2035, meaning in-scope master trusts and GPPPs would not be subject to it indefinitely. Trade commentary notes that the Bill's mandation proposal was intended to give government powers over DC pension scheme investment, a development that will be closely watched by master trusts, GPPPs and asset managers.
The Corporate Adviser article itself could not be fully retrieved, so this summary relies on headlines, snippets and related coverage of the same legislative event. Details on implementation timing, including reported changes intended to take effect from 6 April 2027, should be verified against the Act and official parliamentary records.
According to law-firm commentary, the House of Lords had earlier voted to remove the government's reserve power to mandate pension scheme investment from the Bill. The final text that cleared Parliament retains a mandation power in modified form, with the Bill moving to Royal Assent. Practical Law and other reviews describe the resulting Pension Schemes Act 2026 as covering a broad range of reforms, and one legal summary reports Royal Assent on 29 April 2026, after the Bill was introduced on 5 June 2025.
Under the mandation provisions, reporting indicates that if regulations are passed, the power would be repealed by the end of 2035, meaning in-scope master trusts and GPPPs would not be subject to it indefinitely. Trade commentary notes that the Bill's mandation proposal was intended to give government powers over DC pension scheme investment, a development that will be closely watched by master trusts, GPPPs and asset managers.
The Corporate Adviser article itself could not be fully retrieved, so this summary relies on headlines, snippets and related coverage of the same legislative event. Details on implementation timing, including reported changes intended to take effect from 6 April 2027, should be verified against the Act and official parliamentary records.
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