On 23 March 2026, at House of Lords Report stage, a new clause was added which would have required "the Secretary of State to conduct and publish a review of the long-term affordability, intergenerational fairness, fiscal sustainability, and accounting treatment of [the unfunded] public service pension schemes."
The House of Commons disagreed with this provision. Instead, the Pension Schemes Act 2026 contains section 128, which requires the government actuary, within 12 months of section 128 coming into force, to prepare and publish a document setting out cash flow projections for each of the next 50 years for certain public service pension schemes. The government actuary must provide this document to the Treasury and the Office for Budget Responsibility and the Treasury must lay the document before Parliament.
Section 128 took effect on 29 April 2026, the date the Pension Schemes Act 2026 received Royal Assent, with the result that the report should be prepared before the end of April 2027.
