Industry fears reforms will now be pushed back until later this decade
The second reading of the bill was expected to take place on 25 February
The state pension is now set to rise 3.1%
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.
MPs considering the Pension Schemes Bill in its final stage must push back on changes which could damage private pension viability, according to former pensions minister Ros Altmann.
The Pension Schemes Bill has been passed in the House of Commons at the second reading, laying the groundwork for its final approval.
This week’s top stories include findings from PwC that pensions schemes have been “shoehorned” into valuing liabilities against gilts, while Mercer launched a defined benefit master trust.
The government has put forward proposals to require the 100 largest occupational pension schemes – those with £5bn or more in assets and all authorised master trusts – to publish climate risk disclosures by the end of 2022.
Pensions schemes will face significant additional working costs reaching into the millions of pounds to prepare their data for the pensions dashboard, according to Lane Clark & Peacock (LCP).