THIS YEAR'S PENSIONS BILL
The Queen's Speech, delivered at the state opening of Parliament today, heralds a forthcoming Pensions Bill to be presented in the next session. An outline included in the Background Briefing Note (see page 30) promises "further reform".

The main themes include:

  • Providing protections for people in master trusts. Such schemes would have to adhere to strict new criteria before entering the market. The

Pensions Regulator (TPR) will be given greater powers to authorise, supervise and take action against master trusts.
  • Removing barriers for consumers wishing to flexibly access their pension savings.
  • Capping early exit charges levied by trust-based occupational pension schemes.
  • Restructuring the delivery of financial guidance to consumers through the creation of two new UK bodies: a pensions guidance body (merging TPAS, Pension Wise and the relevant parts of the Money

  • Advice Service) and a money guidance body (replacing the Money Advice Service).

    All but the last relate to Great Britain only.

    No surprises here, as all these policy intentions have been announced or trailed in speeches by Ministers. However, once a Pensions Bill is started, it typically serves as a vehicle to implement all sorts of DWP initiatives, including fixes for . . .

    18 May 2016   Check other news items


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