The government is aiming to legislate for the pensions dashboard, defined benefit (DB) reform, and collective defined contribution (CDC) schemes next year, Guy Opperman has said.
According to the pensions and financial inclusion minister, the aim is to include an all-encompassing "private pensions bill" in next year's Queen's Speech, New Model Adviser reported.
The legislation could include compulsion for providers to feed into the dashboard, as well as broader regulation of DB schemes following the government's white paper, and the enablement of CDC schemes such as that envisaged by Royal Mail.
This route would see legislation likely enacted in 2020 and regulations in 2021, meaning final dashboard rules would not be finalised until around two years after the March 2019 date earmarked for the project's launch.
"The government is committed to proceed with this," Opperman told New Model Adviser. "The hope is that we will get it in at the next Queen's Speech in the summer of next year.
"We will get effectively a private pension bill, in which we will do the DB white paper, we will do CDC and we will do pensions dashboard, and the legislation required in particular for all those three things."
The Department for Work and Pensions (DWP) is still to publish its feasibility study on the dashboard, which was originally due in March and is expected to answer key questions on compulsion, the number of dashboards, and where the project is hosted.
Opperman added: "If the feasibility study is a positive one which I hope it will be - I'm in charge of it - then we'll be consulting thereafter on [the] dashboard and on what that looks like."
Royal London director of policy, and former pensions minister, Sir Steve Webb told PP that, while the legislation may be a few years away, this gives industry players time to get their ducks in a row.
"We've always known that there's some easy data to put together and the most interesting stuff is the difficult data to get together - the legacy stuff, the small DB trusts, the small DC trusts," he said.
"The fact that detailed regulations might not come until 2021 doesn't stop the government saying in 2018: ‘But it's coming guys; it's going to happen. Therefore when we do have our laws through, we won't then give you another five years.'"
Commercial interests who might jump the gun and launch their own dashboards ahead of the final regulations risk "blurring all of this", Webb added, creating "half a dashboard" with lots of "wasted energy" if the government then sets out different rules.
The DWP has proposed a lot of change in the pensions space. Earlier this year, it consulted on new powers for The Pensions Regulator for DB schemes and is due to consult on CDC schemes later this year.
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