The Pension Schemes Act 2026 (Commencement No. 1) Regulations 2026
The Pension Schemes Act 2026 (Commencement No. 1) Regulations 2026
Independent editorial summary — not the official statute text. Read the official version on legislation.gov.uk.
Type: UK Statutory Instrument
Year: 2026
Number: 669
Made: 2026-06-22
Last ingested: 2026-06-26 from legislation.gov.uk.
Explanatory note
Reproduced verbatim from the instrument as published on legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). The note is prepared by the responsible government department and is not part of the instrument itself.
These are the first commencement regulations made under the Pension Schemes Act 2026 (c. 22) (“ the Act ”).
Regulation 2 brings into force section 123 of the Act on 29th June 2026.
Section 123 of the Act gives the Board of the Pension Protection Fund the option to reduce the annual levy it collects to zero or a low amount, when it is not required, and to raise it again within a reasonable time frame. It also introduces a safeguard which caps annual increases in the levy by no more than the sum of the previous financial year’s levy and 25% of the previous financial year’s levy ceiling.