The Pension Schemes Bill has been passed in the House of Lords and will now be winging its way to the Queen for signed royal assent to become law.
Pensions minister Guy Opperman says the move will deliver pensions that are “safer, better and greener”.
The bill was been going back and forth through parliament due to the House of Commons and the House of Lords trying to resolve disagreements about the final text.
The Department for Work and Pensions parliamentary under-secretary of state baroness Deborah Stedman-Scott reminded Lords what the bill does “as a lot has happened” since it was last there. She said:
“The bill will affect the lives of millions of people throughout the country. It will make pensions better by creating a new style of pension scheme that has the potential to increase future returns for millions of working people, and by delivering pensions dashboards that will help individuals to make informed decisions about their financial futures.
“It will make them safer by helping to prevent scams and by clamping down on those who recklessly try to plunder the pension pots of hard-working employees. It will make them greener by requiring pension schemes to take the government’s net-zero climate targets into account in managing their own climate risk.”
