There are growing calls for a Pensions Bill to be announced at the state opening of parliament next week amid concerns about the regulatory framework.
In a letter to the chancellor (pictured), Work and Pensions Committee chair Frank Field called on George Osborne to consider lending his support to the inclusion of the bill in the Queen's Speech on 18 May.
He said the select committee has heard concerning evidence about the range of powers available to the regulator and trustees in light of the British Home Stores (BHS) case.
The committee has also heard about gaps in regulation that "have allowed potentially unstable master trusts onto the market" that "could put the retirement savings of many thousands of people at risk".
The pensions minister told the committee in March she had been pressing government colleagues to introduce the bill, while the Department for Work and Pensions has said it is undertaking the necessary preparations to legislate.
Hargreaves Lansdown head of retirement policy Tom McPhail said announcing a Pensions Bill in the Queen's speech would present an opportunity to bring pensions into the 21st century.
Reforms would raise standards, put pressure on schemes to consolidate, to become more efficient and put the members at the heart of the pension system, he said.
"Without such reforms, it may be impossible to reconcile the tensions between the interests of British industry to go about its business on the one hand, and on the other the need for employees' retirement savings to be adequately governed and protected."
Tim Shepherd and Beth Brown look at the legal implications of working from home and how pension professionals can mitigate the risks.
The Pensions Regulator (TPR) has substantially increased the usage of its powers against trustees – posting a sharp rise in the use of formal information gathering powers and High Court production orders during the three months to the end of September....
The Pension Schemes Bill has completed its third reading, crossing its latest hurdle in the House of Commons.
An amendment to the Pensions Schemes Bill which would have seen people given a pre-booked Pension Wise appointment ahead of accessing their retirement savings has been defeated.
A proposal to ensure savers receive a Pension Wise appointment prior to accessing their retirement pot has received cross-party support in parliament, while Labour seeks net-zero pensions by 2050.