The Pensions Management Institute (PMI) welcomes the introduction of the Pension Schemes Bill — a landmark package of reforms set to transform the UK’s pension landscape. With sweeping changes including the Value for Money framework, small pots, DB Superfunds, guided retirement, and surplus extraction proposals, this represents the biggest overhaul of pensions in a generation. We particularly applaud the clarity provided by the accompanying Pensions Reform Roadmap, which sets out a clear path for sequencing and implementing these vital measures. 

PMI supports the government’s balanced approach to Defined Benefit schemes, reducing the risk of trapped surplus while protecting members’ benefits and empowering trustees to manage assets more efficiently. However, we are disappointed with what we see as Government overreach in a number of areas of the Bill, including the reserve power to mandate investment in private markets - trustees current fiduciary duties towards their scheme members should remain their primary concern when making investment decisions. We are also very disappointed that the Bill does not address the Virgin Media resolution — a significant barrier for many trustees and sponsors that distracts from progress on these important reforms.

With this landmark legislation now introduced, the time for talking is over. PMI urges swift, decisive action to deliver real change for schemes, trustees, and members across the UK.