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Wide reaching changes are being made, ranging from DB surplus and superfunds, through to DC VFM, automatic consolidation, “megafunds” and new retirement solutions.  The Virgin Media remedy has also come into force.  But, with most of the detail to follow in regulations, some proposals will be a relatively slow burn.

The Government is pressing ahead with its proposal to include most unused pension funds and death benefits in the value of a person’s estate for inheritance tax purposes from 6 April 2027.  But all death in service benefits will be excluded.  HMRC will provide guidance to help the industry prepare for the change.

New rules for unconnected multi‑employer CDC come into force from 31 July 2026, with TPR’s revised code of practice due at the same time. Meanwhile, the DWP has recently consulted on decumulation‑only CDC, opening the door for DC savers to move into a CDC scheme at retirement.  Together, these developments mean that CDC is moving into its next phase.