Here we provide a full round-up of key pensions developments in February, including:
- TPO’s third determination on overpayments and the BIC UK Pension Scheme;
- The Pension Schemes Bill’s completion of the House of Lords Committee stage;
- The commencement regulations that brought most of the Data (Use and Access) Act 2025 provisions into force on 5 February 2026;
- TPR’s determination notice vesting scheme assets in the independent trustee; and
- The PPF’s confirmation that its conventional levy will be zero for the second year running.
Other developments to note
Pension Schemes Bill progression through Parliament: House of Lords Committee stage completed
The House of Lords carried out its Committee stage detailed review of the Pension Schemes Bill during January and February 2026, following which a new version was published.
Despite concerns regarding the skeletal nature of the Bill and the defined contribution (DC) megafunds provisions, not least, the Government’s ability to introduce mandated asset allocation, no material changes were made to the Bill. Furthermore, the proposed amendment deleting the legal proceedings exclusion from the Virgin Media legislative remedy has not been taken forward.
It was confirmed that the Government plans to legislate “when parliamentary time allows” so that it can produce the promised statutory investment guidance for trust-based schemes and that it intends to consult on draft guidance later this spring.
The Bill will receive Royal Assent when it has been through the final two stages in the Lords and after amendments have been considered during the ‘Ping-Pong’ stage.
Data (Use and Access) Act commencement regulations
The Data (Use and Access) Act 2025 (Commencement No. 6 and Transitional and Saving Provisions) Regulations 2026 brought most of the Data (Use and Access) Act 2025 data protection provisions into force on 5 February 2026 (so far as they were not already in force). This includes provisions relating to lawfulness of processing, data subject requests, automated decision-making, powers of the Information Commissioner’s Office, and transfers of personal data to third countries. The Act’s provisions relating to data subject complaints are being brought into force on 19 June 2026. The Information Commissioner’s Office’s (ICO) guidance on data protection complaints can be accessed here.
The ICO has confirmed that its guidance on subject access requests is ready to use and that it is continuing to produce new and updated guidance.
The Pensions Regulator (TPR) Determination Notice ordering vesting of scheme assets in trustee
TPR’s Determinations Panel has ordered that the Vedius Pension Trust’s assets be vested in its independent trustee under section 9 of the Pensions Act 1995. This followed concerns over governance, conflicts, and trustee knowledge and understanding.
TPR had appointed an independent trustee back in April 2024 pursuant to section 7(3)(b) of the 1995 Act. However, using this power did not automatically vest the scheme’s assets in the new trustee, and the independent trustee faced resistance from the former trustee in obtaining documents and transferring assets. Given the disproportionately high costs of obtaining a vesting order from the High Court, the Panel found a section 9 vesting order would be in members’ interests assisting effective scheme administration and more efficient scheme management.
The Pension Protection Fund (PPF) confirms 2026/27 conventional levy will be zero
The PPF has confirmed that it will keep a zero conventional PPF levy in 2026/27. It reported its plan to do so back in November 2025, but this was dependent on progress with the Pension Schemes Bill’s levy flexibility measures. A proportionate Alternative Covenant Scheme levy will be retained given developments in the superfund sector.