19th June 2026

Fidelity Adviser Solutions: Pension Schemes Bill – what you need to know

With the Pension Schemes Bill now finalised and set to reshape the UK pensions landscape, employers and trustees must turn their focus to implementation. From value-for-money frameworks and scheme consolidation to new decumulation duties, the reforms introduce both opportunities and complexity. Fidelity’s Sarah Webster highlights the key priorities and practical steps to help schemes prepare for what comes next. 

The Pension Schemes Bill has now completed its journey through Parliament and moves onto becoming the Pension Schemes Act 2026.

For employers and trustees, that marks an important point in the Government’s pensions reform programme, but not the point at which every operational requirement is settled.

The Act establishes the legislative framework for reforms including:

• Value for Money Framework (VfM)
• Default Pension Benefit Solutions often referred to as guided retirement
• Scale requirements
• Small pots consolidation
• Contractual override

This matters because the Act is designed to drive a broad set of market changes. The underlying policy intent is to build scale in pension schemes, shift the focus from cost alone to overall value, improve member outcomes and improve support at retirement.

The detail that will determine how these measures operate in practice will be set out through secondary legislation and regulatory guidance. A framework is now in law, but implementation comes later.

The immediate practical message is one of awareness and preparation, rather than urgent change.

While the provisions are now included in the Act, they have not yet been implemented. The Government issued its current roadmap in 2025. Expectations are that the measures will be introduced gradually from 2027 through to 2030, with collection of VfM data and guided retirement for master trusts expected to begin first in 2027. We expect a new roadmap in due course.

5–minute read 

Pensions