The Act overhauls occupational pension regulation. Part 1 reinforces defined‑benefit governance, particularly for Local Government Pension Schemes, by enabling participation in UK asset‑pool companies, prescribing investment strategy, liability benchmarking, interim contribution reviews and limiting surplus distributions. Part 2 strengthens defined‑contribution oversight with mandatory value‑for‑money metrics, ratings and remediation; requires consolidation of small dormant pots into authorised consolidators; and introduces scale, asset‑allocation and default‑arrangement standards for Master Trusts and group personal pensions.

Part 3 establishes a regulated superfund regime with authorisation, transfer approval, capital‑buffering, key‑person and trustee approvals, reporting obligations and enforcement including directions, buffer release and penalties for events of concern. Subsequent Parts provide technical fixes and transitional, indexation, levy, dashboard and employer‑information measures, together with powers for commencement and consequential amendments.