King Charles III unveiled a “surprise” focus on the U.K.’s retirement market in his first King’s Speech — and the first under the new Labour government — on July 17, with the aim of strengthening investment by the country’s plans.

In the speech, which outlines the government’s legislative agenda for the upcoming parliamentary year and sets out rules it aims to implement, the king said that “stability will be the cornerstone of my government’s economic policy and every decision will be consistent with its fiscal rules,” according to a transcript on the government’s website. “Bills will be brought forward to strengthen audit and corporate governance, alongside pension investment.”

The Pension Schemes Bill focuses on private sector retirement plans, with the aim of gaining better outcomes for participants and supporting the government’s mission to deliver growth, a supplementary document on the government website said.

The bill will encourage consolidation among retirement plans and investment “in a wider range of assets, driving growth.”

Among the plans outlined under the bill is a move to automatically bring together participants’ small retirement plans into one place, the introduction of a standardized test so that trust-based defined contribution plans demonstrate they deliver value and the consolidation of defined benefit funds through commercial superfunds.

“Pension schemes can, and do, play a significant role in supporting the U.K. economy but there is potential for them to play a more significant role,” the document said. The about £1.4 trillion ($1.82 trillion) DB market is spread across about 5,000 plans, while the £158 billion DC market is spread over about 1,080 providers. “The measures in this bill will enable consolidation and more productive investment of funds,” the document said.

Inclusion of the retirement market was labeled as a “surprise” by the industry, but welcomed.

“We are pleased to see a Pensions Bill in the King’s Speech,” Nigel Peaple, director of policy and advocacy at the Pensions and Lifetime Savings Association said in an emailed comment. “No time has been wasted in bringing forward existing regulatory initiatives that already have the backing of industry and will improve the retirement outcomes of savers.”

David Lane, CEO of TPT Retirement Solutions, said in a separate comment that the inclusion of the bill “is encouraging for those who want reform to improve retirement outcomes for members.” However, regarding encouraging investment in U.K. assets, Lane added that “the government must not force trustees to invest at the expense of their fiduciary duty. Investment performance should remain the priority for pension schemes.” TPT has £9.6 billion in assets under management.

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