The Act comprehensively reforms pension regulation. Part 1 strengthens governance for local government defined‑benefit schemes, enabling asset‑pool company participation, FCA authorisation requirements, prescribed investment strategies, governance reviews and controlled merger powers; it also revises trustee powers on surplus distributions, introducing actuary certification and regulatory limits. Part 2 establishes a value‑for‑money regime for DC schemes (metrics, ratings, improvement/action plans and enforcement), enables consolidation of small dormant pots into authorised consolidators, and introduces Master Trust scale and asset‑allocation approvals, controls on default arrangements and FCA measures for unilateral contractual changes.

Part 3 creates a regulated superfund regime: authorisation, approval of transfers subject to onboarding tests, compulsory capital buffers, ongoing governance, valuation and reporting obligations, key‑person and trustee approvals, and specific Regulator powers to require response plans, pause payments or direct buffer release on defined events of concern. Part 4 and the Schedule add miscellaneous technical and transitional measures (indexation, AWE transfers, PPF funding, dashboards) and extensive powers for subordinate legislation and commencement.