United Kingdom: Retirement, Superannuation & Pensions

UK pension trustees face significant regulatory changes in 2026-2027, from inheritance tax requirements and VAT guidance updates to new dashboards reporting obligations and Value for Money frameworks. How will these reforms reshape scheme administration, funding strategies, and compliance priorities for defined benefit and hybrid pension schemes?

The High Court dismissed a claim that an intra-group restructuring, involving the release of pension liabilities, amounted to a transaction at an undervalue (TUV) for the purpose of the Insolvency Act 1986: Cohen v Co-operative Group Ltd [2026] EWHC 1228 (Ch).

The UK government has released a comprehensive update to its pensions roadmap, revising key implementation timelines for the Pension Schemes Act 2026 and introducing new frameworks for Value for Money assessments, scale requirements, and guided retirement provisions. HMRC has also updated critical guidance on VAT recovery for pension scheme expenditure, while new regulations clarify inheritance tax information-sharing duties and authorize direct surplus payments to members.

Defence is a vital opportunity: With Europe on a war footing, defence offers compelling returns across technology, infrastructure and supply chains – but government must provide faster procurement, clearer contracting and stronger demand signals to mobilise private capital at scale.

Travers Smith's 5th annual Alternative Insights Summit explored how political upheaval, pension fund reform, and the push toward individual investor access are reshaping the alternative asset management landscape. Industry leaders debated whether UK pension funds can catch up to their Canadian and Australian counterparts, and whether opening private markets to retail investors presents opportunity or unacceptable risk.

This publication tracks upcoming legislative and regulatory developments affecting the pensions sector, providing a comprehensive overview of confirmed dates...

The UK government has introduced sweeping reforms to inheritance tax treatment of pension death benefits, fundamentally changing how registered pension schemes interact with estates from April 2027. New draft regulations establish comprehensive information-sharing requirements between schemes, personal representatives, and HMRC, creating tight deadlines and complex coordination challenges that trustees must prepare for now.

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.