UK. Queen’s Speech: Govt announces Pensions Bill
The Pensions Bill announced in the Queen’s Speech today (October 14) will see new rules for pension dashboards, collective defined contribution schemes and new powers for The Pensions Regulator.
Queen Elizabeth said: “To help people plan for the future, measures will be brought forward to provide simpler oversight of pension savings.
“To protect people savings for later life, new laws will provide greater powers to tackle irresponsible management of private pension schemes.”
The government does not have a majority in parliament so it is uncertain whether the bill will make it into law. There have also been calls for a General Election, which could change the makeup of government and influence the bill’s future.
The document included rules for pension schemes to provide data to pension dashboards – which will ensure people throughout the UK have easy access to information about their pensions, who manages them and what they are worth.
The bill will include provisions for the regulators to ensure relevant schemes comply, according to a briefing document.
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