United Kingdom: Retirement, Superannuation & Pensions

Welcome to your weekly update from the A&O Shearman Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions.

The government has published a consultation on draft regulations setting out new conditions for payment of DB scheme surpluses to employers, following the changes made in the Pension Schemes Act 2026...

Geopolitical instability, including ongoing conflicts in the Middle East and other global crises, alongside trade fragmentation and political polarisation, are disrupting investment decisions...

This comprehensive pensions update examines the landmark Pension Schemes Act 2026, new inheritance tax treatment for pension funds, changes to minimum pension ages, and critical regulatory developments affecting trustees and scheme administrators. The issue covers everything from the government's salary sacrifice proposals to the approaching Pensions Dashboard deadline, providing essential guidance on compliance requirements and emerging policy changes.

Welcome to your weekly update from the A&O Shearman Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions.

The order in which investment returns occur during retirement can determine whether your portfolio lasts 30 years or runs dry in 20, even when the average return remains identical. Two retirees starting with the same capital and withdrawal rate may face vastly different outcomes depending solely on whether market downturns strike early or late in their retirement journey. This mathematical reality, known as sequencing risk, represents one of the most underappreciated threats to retirement security.

The Finance Act 2026 introduces fundamental changes to how inheritance tax applies to pension death benefits from April 2027, shifting most lump sum payments into deceased members' estates while creating new reporting obligations for personal representatives and scheme trustees. Understanding these changes is critical for pension trustees who must now prepare their administration processes, governance frameworks, and member communications to comply with the new regime.

The Pension Schemes Bill has today received royal assent. Two weeks of parliamentary ping-pong ended last night, when the House of Lords agreed "mandation" measures following a series of Government concessions.

What investment journey should you choose: the volatile path of global equities that could quadruple your wealth, or the steady 5% annual growth that protects you from devastating crashes? This analysis reveals how your life stage—not just potential returns—should determine which road leads to your financial destination.