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What’s going on in the pensions world?

Keep up to date with the latest pensions news and developments in the Fund.

Pension news round-up

May 11, 2026
Catch up on key developments from the world of pensions and what they could mean for you.

  • Pension Schemes Act 2026: has now become law; no action for members at this stage.
  • Inheritance Tax: changes due from 6 April 2027, could affect some unused DC pension funds and some lump sum death benefits.
  • Salary sacrifice: new National Insurance limit announced from April 2029.
The Pension Schemes Act 2026
The Pension Schemes Act 2026 (formerly the Pension Schemes Bill 2025) has passed Royal Assent and officially become law. It will bring changes for both Defined Benefit (DB) and Defined Contribution (DC) schemes, while keeping strong protections in place for members and their benefits.

For well-funded DB schemes, the Act will offer greater flexibility. This includes setting out a clear legal framework for DB superfunds and allowing surplus funds to be released to the sponsoring employer while a scheme is ongoing. These actions will only be possible in tightly controlled circumstances and under strict funding conditions. Trustees must also continue to act in members’ best interests. Your DB benefits in the railways pension scheme will not be affected by these changes.

For DC schemes, the focus is on better value and simplicity. The Act supports larger, well-run schemes by introducing stronger value-for-money checks and allowing very small, preserved pension pots to be combined automatically. It will also improve the support available for members approaching retirement.

There is no action required from members at this stage. The changes in the Act will be introduced gradually over the coming years. We will continue to keep you informed as further details become available and as we consider what, if anything, is relevant for the scheme.

Inheritance Tax changes from April 2027 
Inheritance Tax (IHT) may be due if the value of someone’s estate (their money, property and possessions) is more than the Inheritance Tax threshold (currently £325,000) when they die. Anything left to a spouse, civil partner or charity is usually exempt from IHT.

At the moment, pensions don’t normally count towards the value of an estate – but that is changing.

From 6 April 2027, some unused pension funds and certain death benefits will be included. This may affect:
  • Pension pots or drawdown funds still unspent
  • Most lump sum death benefits
The following, however, will not be counted in the estate:
  • Defined Benefit pensions (dependants’ pensions will also be excluded)
  • Lifetime annuities (dependants’ pensions and joint life (survivors) part of the annuity will also be excluded)
  • Death in service benefits
Separately, from April 2027, Personal Representatives will be able to ask pension schemes to hold back up to 50% of taxable pension benefits if they believe IHT may be due. They’ll then have 15 months to confirm whether the scheme should pay the tax directly to His Majesty’s Revenue and Customs.

We will continue to share further details about these changes over the coming months. 

New limits on salary sacrifice contributions from 2029
Salary sacrifice lets you give up part of your pay so your employer can pay it into your pension instead. 

Because this lowers your salary, you normally pay less National Insurance (NI), and your take home pay can be higher than if you made the same contribution yourself.

In the Autumn Budget 2025, the government announced that from April 2029, if you pay more than £2,000 a year into your pension using salary sacrifice, you and your employer will have to pay NI on anything 
above that £2,000 limit. 

You’ll still get income tax relief on your pension contributions (as long as they’re within the Annual Allowance), whether you use salary sacrifice or not. 

You can read about this in more detail on the Government website: Salary sacrifice reform for pension contributions (effective from 6 April 2029). We’ll share further information ahead of the changes coming into force.

Where are you on your retirement journey?

Whether you’re just starting to pay into your pension or you're already taking it, we've got information to support you.