The Pension Schemes Act 2026 will reshape retirement provision by 2030, while rising investment fraud and upcoming inheritance tax changes on pension funds mean financial planning priorities are shifting. Take a look at UHY’s Summer 2026 Financial Planning Review to see what individuals and families need to know.
By Adam Wing – Financial Planning Advisor (UHY Nottingham Office)
Sir David Attenborough celebrated his 100th birthday this year, and the nation celebrated with him. His extended career and continued high profile aren’t something many of us will be able to replicate, but longer life spans can be expected for many people, with half of women and two-fifths of men aged forty today enjoying a life span of 90 years. But with an extended lifespan comes the question of how to fund it.
In what has been billed as the most significant change to pensions since the introduction of pension flexibility 11 years ago, the new Pension Schemes Act 2026 is set to overhaul the provision of pension funding and improve the outcomes for pension investors. With a focus on consolidating the number of defined contribution (DC) schemes, currently dominating the private pension sector, into larger, value for money funds, the whole shape of the pension landscape looks set to shift.
In this edition of our newsletter, we explore this and other stories, including:
- How to supercharge your Junior ISA – Teenagers turning 18 can benefit from a big boost to their tax-free savings. Family members can add a final £9,000 annual payment to their JISA, and once they reach 18, they can set up an adult ISA with its own £20,000 investment limit.
- The shape of pensions to come – The Pension Schemes Act 2026 introduces pension fund targets for private pension schemes. It seems likely many existing schemes will close as funds will have to consolidate to meet the new requirements designed to boost retirement incomes and provide value for money.
- Investment scams on the rise – Extremely persuasive investment scams are increasing, with the City of London police estimating that £2.4m a day was lost to scams last year. Both older and younger investors are potentially vulnerable, with fake pension boosting schemes and ‘finfluencers’ offering only too plausible options.
- Another Making Tax Digital reminder – HMRC data suggests many sole traders and landlords required to register for the new MTD reporting scheme are lagging behind. You must have submitted all four quarterly updates before you can file your 2026/27 tax return.
Next steps
If you would like to discuss any of the above, or other tax planning measures, please get in touch or download your free year end tax planning guide.
