On 13 July 2026 the Government published a revised version of its “pensions roadmap” setting out when it expects various planned pensions changes to come into force.
Value for Money (VfM) framework
The new VfM framework will require trustees of money purchase schemes to assess their schemes against metrics set out in legislation and take action if the scheme is underperforming. The updated roadmap anticipates a two stage roll out with full VfM assessments required in 2028 but only for master trusts, occupational schemes with 50,000 or more active and/or deferred members, and non-bespoke group personal pension schemes open to new employers. Automatic consequences will not apply in respect of assessment outcomes in that first year. In the first year of VfM, smaller schemes will only be required to complete data returns, not assessments, and their data will not be published. Such schemes will not be required to complete full VfM assessments until 2029.
Guided retirement
The Government plans to require schemes providing money purchase benefits to provide a “default pension benefit solution” by which members can take a regular income in retirement (“guided retirement”). The Government intends to bring these provisions into force in stages, with master trusts and group personal pension schemes required to comply in 2029 and other schemes required to comply in 2030. The Government recognises that the timelines for the introduction of retirement collective defined contribution schemes (R-CDC) and the introduction of guided retirement are interrelated, as it anticipates that many schemes will want to use an R-CDC scheme for their guided retirement option. The Government will therefore consider allowing schemes an extension for compliance where they are committed to using an R-CDC scheme as the guided retirement option and additional time is needed to allow the R-CDC scheme to become operational.
Consolidation of small pots
The roadmap indicates that consolidation of small dormant money purchase pension pots in auto-enrolment schemes will begin in 2030, but makes clear that timelines for small pots consolidation are subject to change pending final decisions on the delivery approach.
Scale requirements
The Government plans to introduce new minimum fund size requirements for authorised master trusts. These are due to be introduced in April 2030. Schemes that do not meet the scale requirements will enter a “protected period” during which contributions can continue for existing employers while arrangements are made to move all future contributions to a different scheme.
Superfunds
The roadmap indicates that the Government’s new regulatory regime for pension superfunds will come into force in 2028.
