Queen’s speech refers to upcoming Pensions Bill
14 October 2019
The Queen confirmed in the speech she delivered on 14 October, that the Pensions Bill will cover a whole range of complex issues surrounding pensions.
The long-anticipated pensions dashboard will be addressed within the document and there will be a framework in place to prepare for its introduction. The Pensions Regulator (TPR) will be granted more power to tackle the issue of unscrupulous employers and collective defined contribution (CDC) schemes will also be explored.
Background briefing notes to the speech confirmed that the content of the document would be geared towards the transparency of pensions and pension schemes, as there is mention of the requirement for accurate information to be communicated to pension holders, along with the fact that TPR will be given the power to extract information about schemes in a ‘timely manner’.
Government commentary on the speech states that ‘A Pension Schemes Bill will enable people to plan their saving for later life by giving them access to information on their pensions’ savings in one place online, for the first time. It will also improve the protection of people’s pensions, strengthening the powers of the regulator to tackle irresponsible management of pension schemes.’
The Pensions Bill has been on the government agenda for a long time now and it is important to remember that in the current, uncertain political climate, there is the chance that anything could change. The CIPP hopes that the Pensions Bill does not get knocked off course by the expected forthcoming General Election.
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