UK. Pension bill passes last hurdle
The Pension Schemes Bill is to receive Royal Assent and become law imminently after being approved by the House of Lords in the final stage of its parliamentary journey.
The bill managed to avoid a round of parliamentary ping pong after peers accepted the House of Commons amendments in a hearing yesterday (January 19).
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It was reintroduced to the House of Lords at the beginning of last year (January 7) after the December 2019 general election delayed its debate in parliament.
It was then halted once again due to the government’s commitment to hurry through emergency health legislation to combat the effects of coronavirus.
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But Sir Steve Webb, former pensions minister and partner at LCP, said a lot of the bill’s content now needs secondary legislation to actually come into effect, therefore there will be no changes made overnight.
Sir Steve said: “The new Pension Schemes Act will bring major changes to the pensions world in the coming months and years, once further detailed legislation has been published and implemented.”
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The bill includes long-awaited rules around pension dashboards, collective defined contribution schemes, and new powers for the Pensions Regulator.
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