Just before Parliament broke for summer recess on 16 July 2026, the Department of Work and Pensions published several papers and consultations, all focused on driving forward the changes affecting defined contribution (DC) pension schemes being introduced by the Pension Schemes Act 2026 (the PSA2026). This briefing summarises the main points for DC trustees and providers.  

Phase 3 of the UK's Energy Saving Opportunities Scheme ("ESOS") might feel uncomfortably fresh in the minds of those responsible for their organisation's compliance with it, but Phase 4 is already in sight. ESOS, which requires large organisations with UK operations to audit their energy usage and consider opportunities for reducing it, operates on a four-year cycle, but delays to Phase 3 reduced that to around two years.

The revisions to the AIM Rules for Companies proposed by the London Stock Exchange, following on from its June 2026 consultation paper (AIM Notice 62), are now in force.

The key changes adopted by the London Stock Exchange ("LSE") and contained in the revised AIM Rules for Companies (the "Revised AIM Rules") (found here), are summarised below:

Latest episode: HMRC's consultation on modernising the distributions framework (Part 2: Demergers and the Loans to Participators rules)

Welcome to the August 2026 edition of Travers Smith's Quarterly Listed Company Update. This issue highlights the latest regulatory developments and guidance relevant to listed companies, as well as key trends and practical points for consideration in the coming months.

The message from Dame Anne Glover at Travers Smith's 5th annual Alternative Insights Summit last month was direct: UK pension funds should invest more in early-stage venture and growth stage capital. The figures certainly support that view.