Pension changes coming in 2026 that could reshape retirement

• Three major pension reforms are due in 2026, affecting how millions save for and access retirement income
• Pension dashboards will bring all your pensions into one place, including forgotten workplace pots
• New ‘Targeted Support’ rules aim to make personalised pension help cheaper and easier to access
• The Pension Schemes Bill will tackle underperforming schemes and millions of small pension pots
• Some changes could simplify retirement planning, but savers may still need to shop around

If you’ve ever lost track of old workplace pensions, felt unsure where to turn for retirement advice, or worried your savings might not be working hard enough, 2026 could be a turning point.

A trio of major pension reforms is set to reshape how millions of people save for and eventually access their retirement income. Here’s what’s changing, and why it matters to you…

After years of delays, pension dashboards are expected to begin rolling out this year, with all schemes required to connect by October 31.

Once fully live, dashboards will allow you to see all your pensions, including old workplace schemes you may have forgotten about, on a single digital platform.

This should help people understand their true retirement position and make more informed decisions about their financial future.

It could be especially powerful if you’ve moved jobs frequently, have several small pots, or are unsure whether you’re saving enough. Instead of guessing, you’ll be able to see your pensions in one place and start planning with real numbers.

The Financial Conduct Authority (FCA) is preparing to introduce a Targeted Support scheme, expected in April 2026, subject to parliamentary approval.

The idea is to bridge the gap between free, generic guidance and expensive, fully regulated financial advice.

Under the new rules, authorised firms such as banks, pension providers or employers will be able to offer tailored suggestions to groups of people with similar circumstances.

For example, those approaching retirement or deciding how much to increase contributions.

The aim is to make pension help more accessible and affordable, particularly for people who would never normally pay for full advice but still want something more personalised than general tips.

Expected to become law by mid-2026, the Pension Schemes Bill tackles two growing problems: underperforming schemes and the explosion of small pension pots created by auto-enrolment.

There are currently around 13 million deferred pots worth under £1,000, with another million added each year.

Plans are underway to automatically consolidate eligible small pots into authorised schemes, although the transfers themselves are unlikely to begin until around 2030.

The bill also introduces “guided retirement”, requiring defined contribution schemes to offer default options that turn savings into retirement income.