Law360, London: The UK government confirmed on Monday, 14 September 2026 that it plans to nationalise Speciality Steel UK (SSUK) after a private deal for the steel manufacturer fell through during insolvency procedures stemming from the collapse of its primary lender, Greensill Capital.

Law360: The government has announced that any future legislation on pension superfunds will be drafted in a way that ensures that the emerging sector does not have an unfair advantage over insurance companies.

The Home Office has issued a circular in response to the consultation outcome regarding Consumer Price Index (CPI) alignment for the Police Pension Scheme 2015 published on 5 August 2026. Responses to the consultation demonstrated clear and broad support for addressing the misalignment between the scheme year and the tax year in order to avoid inconsistent CPI measures being used in pension tax calculations.

Pensions analysis: On 2 February 2026, the government published its response to its consultation on access and fairness in the Local Government Pension Scheme (LGPS) in England and Wales, confirming that it will proceed with the proposals with some modifications following feedback from administering authorities, employers and other stakeholders. The government will introduce the changes through one or more statutory instruments, supported by detailed guidance developed with bodies such as the LGPS Scheme Advisory Board, the Local Government Association (LGA), the Government Actuary’s Department, and the Local Government Pension Committee (LGPC). Written by Paul Carney, partner at Shoosmiths.

The Department for Work and Pensions (DWP) has published its response to Chapter 9 of the consultation on retirement collective defined contribution (CDC) pension schemes, confirming that it will be proceeding with a proposed amendment to regulation 12(7) of the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991, SI 1991/167 so that bulk transfers of money purchase benefits can be made to CDC schemes (including unconnected multiple employer CDC schemes) authorised under Part 1 of the Pension Schemes Act 2021 (the same amendment having been made for authorised master trusts in 2018 on the basis that such schemes, like CDC schemes, are subject to a robust authorisation and supervision regime).

Pensions analysis: The government has announced that it is re-examining its decision on compensation for women affected by State Pension age increase changes, following the emergence of new evidence from a 2007 Department for Work and Pensions (DWP) report.

The government has announced it will implement reforms to the operation of the ring-fencing regime as soon as parliamentary time allows, in order to improve the competitiveness of the UK banking sector.

Law360: The government will reform the triple lock on state pensions to pay for greater investment in social care, Prime Minister, Andy Burnham, said on 29 September 2026.

Law360: The government said it will require pension schemes to disclose how much they invest in UK businesses, as part of a wider effort to tap into the sector for economic growth.

Law360, London: The UK government has said that it will abolish the payments regulator as the latest step to reduce the size and complexity of regulatory burdens on business.

The Prime Minister, Sir Keir Starmer, has announced that the government will update the Cabinet Manual, which sets out the main laws, rules and conventions affecting the operation of government. The government said that the Manual, first published in 2011, has become significantly out of date, particularly in relation to general elections, the UK's relationship with the EU and devolution arrangements, reducing its usefulness as a guide for ministers and civil servants. The update is intended to restore its status as an authoritative reference, restate key constitutional rules and conventions, and support wider efforts to strengthen government and standards in public life. The government will seek feedback on draft text from the House of Commons Public Administration and Constitutional Affairs Committee (PACAC) and the House of Lords Constitution Committee. PACAC Chair, Simon Hoare, welcomed the announcement, noting that the Committee had previously called for the Manual to be revised and for Parliament to have an opportunity to scrutinise the changes, including in a letter to ministers in November 2024 requesting access to a draft version and a timetable for its completion. The manual sets out the government’s view of the UK’s constitutional arrangements, so it will not seek Parliament’s approval of the text.

Law360, London: The government should introduce legislation to reverse a controversial UK Supreme Court decision that reversed litigation financing, and make clear that commonly used funding agreements are enforceable, a government advisory body recommended 2 June 2025.