In the first of a five-part series of articles for PP, pensions minister Guy Opperman sets out how impending legislation will improve pensions for members.
Two weeks ago, the Pension Schemes Bill cleared its final hurdle in the House of Commons, marking just under a year since it was first introduced to the Lords.
The bill will now return to the Lords for their consideration of amendments made by the Commons, the last step needed before a bill can receive Royal Assent.
Although there is still plenty of work to do, it has been a real privilege to have driven the bill's passage through parliament, and to have overseen the development of the very significant changes to the pensions landscape it will usher in.
I firmly believe it will make our pension schemes safer, better and greener. Safer, by cracking down on scams and unscrupulous bosses. Better, by making pensions more accessible through the dashboard, and greener, by encouraging investment in a more sustainable way.
This week, in a series of articles for Professional Pensions, I will outline some of the key areas of this bill, highlighting exactly how they will support savers to be better informed and protected, and enable them to take greater control of their retirement planning.
This bill will help shape the pensions industry for years to come, bringing it into the digital age and offering a pathway for pensions to thrive as our planet and economy changes at a rapid pace. I hope that you, the reader, find this of some value, and that you agree on the significance and enormous value of the measures that we have included.
Guy Opperman is pensions and financial inclusion minister
Other articles in this series
In a five-part series of articles for PP, pensions minister Guy Opperman talks about various aspects of the Pension Schemes Bill, which is expected to be passed into law shortly
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.
Mediation has been under-utilised historically as a means of dispute resolution in this area. Mark Blyth and Geoff Egerton think this is going to change.
The Pensions Regulator (TPR) has published the interim response to its first defined benefit (DB) funding code consultation – highlighting the depth of industry concern around its proposed twin-track regime.