Pension Schemes Bill

This is the Lords’ marshalling list of amendments to be moved on Third Reading of the Pension Schemes Bill. The changes are mainly technical: removing or altering cross-references to provisions in the Pensions Act 2008, correcting a drafting error, and setting the commencement dates for new provisions (Clauses 130–132) to take effect when the Act is passed; the schedule references are also adjusted (replacing references to removed sections with new ones such as 28F or removing 28G).

The Pension Schemes Bill 2026 is a broad reform of the UK pensions framework. It introduces new regulation and powers over Local Government Pension Schemes, including asset pools, governance reviews and limits on surplus payments to employers; it overhauls defined contribution schemes with stricter value-for-money rules, consolidation of small dormant pots, scale/asset allocation requirements, and a guided retirement framework; and it creates a new authorisation regime for so-called superfunds with capital buffers and ongoing regulator oversight, along with various related amendments to pensions legislation.

Two proposed amendments would insert a new clause requiring the Secretary of State to publish within 12 months a review of how pension scheme members’ views are taken into account in governance and decision‑making, and how well existing channels allow members to express those views. The review would consider how trustees act on member input, its effect on investment decisions, whether members have enough opportunities to express informed preferences, and whether any extra rights are needed; it must consult stakeholders and publish a government response within six months of the review being laid before Parliament.

An amendments paper for the Pension Schemes Bill, introducing a new Clause 120 requiring a Government report within 12 months on the impact of market consolidation in the occupational pensions market. It also contains numerous amendments, including GMP equalisation provisions, potential lump-sum payments from the Pension Protection Fund, and a wide package to transfer the AWE Pension Scheme to a new public scheme with protections for members, plus regulation, taxation, information-sharing and start dates. In addition, it proposes multiple new reviews, guidance and reporting requirements on universal pension advice, public service pensions, retirement incomes, investment duties, communications and climate-related investment rules, and cross-UK extent.

An amendment would replace Amendment 105 with 105A, adding a new subsection to Clause 40. It requires the Secretary of State to have regard to innovation in the design and operation of pension schemes and to competition among providers when making certain regulations under specific sections.

These are the Lords’ Second Marshalled List of amendments to the Pension Schemes Bill, published on 17 March 2026. They push for a formal Value for Money framework with publicly accessible, standardised data; revise asset-allocation and scale rules for Master Trusts (including exemptions for innovative schemes and new thresholds); create a pathway to establish new public schemes for the AWE Pension Scheme with protections for members’ rights; and introduce numerous related measures such as reviews of market consolidation, retirement incomes, data accuracy, investment guidance, and climate-risk reporting.

These are Lords amendments to be moved on Report for the Pension Schemes Bill. They broaden oversight and transparency, notably through LGPS benchmarking, interim valuation reviews, independent inquiries into actuarial methods, and an expanded Value for Money framework, while also addressing asset allocation rules and Master Trust exemptions; they introduce climate-risk reporting and data accuracy measures. The package also includes provisions to establish new public schemes for the AWE Pension Scheme and transfer of rights, with related taxation, information-sharing, and protections for scheme members.