Major changes to the UK pensions landscape are on the horizon in 2026.
Three reforms are set to reshape how people save for – and access – their retirement income.
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Pension dashboards
Pension dashboards will begin rolling out this year, with all schemes required to connect by 31 October. Timelines will vary depending on scheme size and type.
Jonathan Watts‑Lay, director at WEALTH at work, says the dashboards will give people a view of all their pensions in one place, helping them make more informed decisions about their financial future.
The Targeted Support regime
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The Financial Conduct Authority (FCA) is preparing to introduce a new Targeted Support scheme, expected in April 2026.
The regime is designed to bridge the gap between broad, generic guidance and fully regulated financial advice.
Authorised firms – for example, banks, building societies, pension providers or even employers working with a workplace pension scheme – will be able to offer tailored suggestions to groups of individuals who share similar financial characteristics, making support more accessible and affordable for those who may not seek full advice.
The timetable remains dependent on parliamentary approval.
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The Pension Schemes Bill
Expected to become law by mid‑2026, the Pension Schemes Bill aims to tackle:
With around 13 million deferred pots worth under £1,000 – and rising by one million a year – consolidation is seen as a crucial step.
A new Small Pots Delivery Group is developing the framework for transferring eligible pots to authorised consolidators, with legislation likely to take effect around 2030.
The bill also introduces “guided retirement”, requiring defined contribution schemes to offer default pension benefit solutions that convert savings into retirement income.
Jonathan Watts‑Lay warns that defaulting individuals into standardised options risks repeating past issues seen with annuities, where people missed out on better deals.
