Worldwide: 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.

How are High Net Worth individuals' mobility patterns, digital innovation, and evolving work practices reshaping the landscape of international pension and savings plans? This panel discussion examines the transformative forces driving demand for International Pension Plans and their implications for both employers and globally mobile individuals.

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.

The second Pensions Commission was established in July 2025, to help shape a pensions framework which is "adequate, fair and sustainable". Its interim report is diagnostic rather than prescriptive, but a number of clear themes emerge.

Starting April 6, 2027, the UK will fundamentally transform how pension scheme death benefits are treated for inheritance tax purposes, bringing unused pension funds and death benefit lump sums largely within the scope of IHT. This major policy shift introduces the concept of "Notional Pension Property" and will significantly impact scheme administration, member communications, and estate planning decisions.

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.