#2026/580UK: Pension Transfer Rules Updated for Collective Money Purchase Schemes
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This regulation lets occupational pension schemes transfer certain members’ money purchase pension rights without the member’s consent when the receiving scheme is an authorised collective money purchase scheme or section. The change matters mainly for pension scheme trustees, administrators, employers, and providers handling scheme transfers. They will need to check that any receiving collective money purchase scheme is authorised under the Pension Schemes Act 2021 before relying on this new transfer route.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Adds a new condition allowing non-consensual transfers of relevant money purchase rights to authorised collective money purchase schemes or sections
- Requires the receiving scheme or section to be authorised under Part 1 of the Pension Schemes Act 2021
- Updates the 1991 Preservation of Benefit Regulations and takes effect on 31 July 2026
Obligations
What this law requires
Before transferring a member’s relevant money purchase rights without the member’s consent under regulation 12 of the Preservation Regulations, the transferring occupational pension scheme must ensure that the receiving scheme or section is authorised under Part 1 of the Pension Schemes Act 2021.