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S TAT U T O R Y I N S T R U M E N T S
2026 No. 669 (C. 55)
PENSIONS
The Pension Schemes Act 2026 (Commencement No. 1)
Regulations 2026
Made - - - - at 1.00 p.m. on 22nd June 2026
The Secretary of State makes these Regulations in exercise of the powers conferred by section
133(11)(b) of the Pension Schemes Act 2026(a).
Citation
1. These Regulations may be cited as the Pension Schemes Act 2026 (Commencement No. 1)
Regulations 2026.
Commencement
2. Section 123 of the Pension Schemes Act 2026 (pension protection levies) comes into force
on 29th June 2026.
Signed by authority of the Secretary of State for Work and Pensions
Torsten Bell
Parliamentary Under-Secretary of State
At 1.00 p.m. on 22nd June 2026 Department for Work and Pensions
(a) 2026 c. 22.EXPLANATORY NOTE
(This note is not part of the Regulations)
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.
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