Law and Regulation

The Pension Schemes Act 2021 will revolutionise savings and help build back better and greener, says Guy Opperman.

Minister for Pensions and financial inclusion minister Guy Opperman has pledged to make secondary legislation for the Pension Schemes Act his “number one” priority over the coming months.

The normal minimum pension age (NMPA) is set to increase to 57 under plans unveiled in a government consultation today (11 February).

Enhanced criminal and civil sanctions for defined benefit (DB) scheme negligence have become law after the Pension Schemes Act 2021 gained its place on the statute book.

The government has opted to proceed with its “deferred choice underpin” (DCU) route for implementing a remedy to the McCloud judgment for public sector workers.

The Pensions and Lifetime Savings Association (PLSA) has expressed it is disappointed with the Department for Work and Pensions’ (DWP) general levy consultation – saying there should be no increase in the levy without structural reform.

The Pension Regulator’s (TPR) strengthened powers under the Pension Schemes Bill could lead to a revival of its clearance process, according to advisers and lawyers.

The long-debated Pension Schemes Bill has received parliamentary approval, guaranteeing its place on the statute book.

Some £20.1bn of defined benefit (DB) pensions were advised to transfer between 2018 and 2020, while £10.2bn were recommended not to transfer, Financial Conduct Authority (FCA) data reveals.

Pension trustees will have much more involvement in business discussions and corporates will need to think more about pensions when the watchdog’s increased powers come into force, LCP says.