This article, written for Practical Law, considers the new contractual override introduced as Part 7A of the Financial Services and Markets Act 2000 (FSMA) by the Pension Schemes Act 2026. The article discusses how the contractual override is intended to work for contract-based defined contribution (DC) pension schemes and looks at how it compares against other tools pension providers already have, including Part 7 of FSMA and Part 26 of the Companies Act 2006, as well as the ability to make bulk transfers under trust-based schemes.
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