Multiple amendments published to Pension Schemes Bill

On September 1, 2025, a lengthy paper was published detailing over 200 proposed amendments to the Pension Schemes Bill. The changes are currently being considered at the committee stage where the line by line reading of the Bill began the following day and is due to conclude on October 23, 2025.

The key amendments are outlined below.

• Virgin Media – a straightforward remediation process is proposed with no time constraints and flexibility for the scheme actuary. Details are set out in our separate detailed briefing.  
• Return of DB surplus to employers – amendments clarify when the new power to repay surplus to employers will apply. The power cannot be used to introduce provisions to repay surplus on winding up. A further amendment proposes modifications on the new surplus powers where, for example, a scheme is sectionalised. 
• Asset allocation provisions – these will apply to the default fund only for affected DC schemes.  
• DB superfunds – changes are made to the conditions to be met for DB schemes to transfer to a superfund. The capital adequacy and technical provisions tests have been weakened. 
• DC default arrangements –provisions restricting the creation of new default arrangements and allowing consolidation of existing default arrangements will be pursued under regulations. 
• PPF – provisions requiring indexation of compensation provided through the PPF to be applicable to pre-1997 service. Currently, there is no indexation. A similar amendment is proposed for the Financial Assistance Scheme. A clause proposing abolition of the PPF administration levy and providing for the expenses of running the PPF and the Fraud Compensation Fund to be met out of general funds. 

The proposed PPF amendments were made from outside Government and it is unclear whether they will be pursued.

Comment

The wide range of the multiple proposed amendments to the Bill mean the committee will have its work cut out to review them all. The current timeline predicts the Bill will receive Royal Assent in 2026 with the Virgin Media remediation provisions coming into force two months afterwards.