Pension News
Here’s what you need to know about what’s happening in the world of pensions.
Pension Schemes Bill – what this could mean for you
The Government is planning new measures aimed at benefiting up to 20 million people saving into workplace pension schemes.
Key changes announced in the Pension Schemes Bill in June 2025 include:
- Merging small pension pots (worth £1,000 or less) into a single, value-certified scheme which will help savers keep track of their pension savings.
- Introducing a new system to show how well pension schemes are performing, helping savers understand whether their scheme is providing good value.
- Ensuring all pension schemes provide clear default options to members for turning their retirement savings into a retirement income.
Inheritance tax and pensions
As announced in last year’s Autumn Budget, from April 2027 unused pensions will no longer be exempt from inheritance tax.
However, as is currently the case, everyone has an entitlement to a nil rate band of £325,000 of assets, which they can leave to anyone free of inheritance tax. This is known as the inheritance tax threshold.
In addition, there will still be no inheritance tax to pay on assets you’re passing to your spouse or civil partner, including pensions.
Many of the details around the new rules have still to be clarified. Once more is known, the Trustees will review the implications for the Dell Scheme and its members.
Pensions dashboards update
Pensions dashboards will enable you to see all your pensions not yet in payment – including your State Pension – in one place securely online.
Dashboards will also help you find lost or forgotten pensions and support your retirement plans.
Once all the relevant system checks have been completed, the Government will decide when pensions dashboards will be launched for public use. This is likely to be 2027 at the earliest and we will inform you when it is ready for you to access
If you need to track down any lost pensions in the meantime, visit MoneyHelper.
Changes to the State Pension Age and Normal Minimum Pension Age
Currently, the earliest age you can retire from a registered pension scheme without tax penalties in the UK is usually 55, known as the Normal Minimum Pension Age (NMPA).
If you’re planning to take early retirement in a few years’ time, it’s important to remember that from 6 April 2028, the NMPA will rise from 55 to 57.
If you start to draw your pension benefits from the Dell Scheme before 6 April 2028 and you are under age 57 at the time, you’ll still be able to receive your pension after this date. However, if you reach age 55 after 5 April 2028, you’ll have to wait until at least your 57th birthday to retire.
If you were born before 5 April 1960, you’ll reach your State Pension Age (SPA) on your 66th birthday. If you were born on or after 6 April 1960, please note that the Government is increasing the SPA to 67 between 2026 and 2028, depending on your date of birth. The SPA is currently planned to further increase to 68 between 2044 and 2046.
The Government reviews the SPA regularly, and launched its latest review in July 2025.
Visit the Government website for more details on: SPA at gov.uk/state-pension-age State Pension at gov.uk/browse/working/state-pension
Want to know more?
To find out more about pensions, savings and taxation, visit MoneyHelper and go to ‘Pensions and retirement’.
Disclaimer This newsletter is for information only and does not constitute financial advice. The Trustees cannot give you advice on your pension options. Before you consider making any changes to your contributions or method of investments, you should always seek professional, impartial financial advice.