The Pensions Schemes Bill will progress through the House of Commons next month, despite the coronavirus pandemic seemingly taking over politics in the UK.
What is the Pension Schemes Bill?
The Pension Schemes Bill will enable the introduction of two reforms which have been collectively defined as contribution pensions and pensions dashboards.
Additionally, there will also be some improvements made to the pensions regulation around defined benefit schemes, as well as clauses requiring schemes to make public their climate-related risk reporting.
There is still set to be a huge amount of work being conducted regarding pensions.
Stephen Timms, Chairman of the Works and Pensions Committee, announced a three part inquiry into pension savings would be conducted shortly.
Simon Fitzpatrick, Associate Director of Cicero, wrote in the Money Marketing publication:
“The inquiry kicks off with a focus on pension scams, before turning to examine accessing pension savings and saving for later life. These latter parts are not expected to commence until 2021, meaning this is going to be a lengthy, ongoing piece of work for Timms and his colleagues.
“The broad nature of the inquiry, especially parts two and three, means it is bound to take in a wide range of issues, not least of which will be whether increased protections for savers making use of the freedoms need to be built in to the regulatory system.
“This is an area the committee has already taken a close interest in under previous leadership and we can expect Timms to be no less interested in this point than his predecessor, Frank Field.”
