It’s business as usual for the pensions industry as King Charles confirmed at the state opening of parliament that the Pension Schemes Bill would be introduced, a policy already in motion from the previous government.
Many in the industry had expected the Labour government to bypass including the bill in the King’s Speech but it now looks like it will be adopting pension policies already in motion.
And while Labour’s manifesto promised a major overhaul of pensions it looks like for the moment it will be smaller measures – most already in the pipeline.
It is good news for savers as the bill is being brought in to improve outcomes, value for money and to sort out the issue of consolidating small pots.
Former pensions minister and partner at Lane, Clark & Peacock Steve Webb said there appears to be nothing in the legislation that so far represents a distinctively ‘Labour party approach’ to pensions, and a Conservative minister could happily have brought this legislation forward.
While I totally agree with PensionBee which said the automatic consolidation of small pots is a crucial measure that should help workers keep track of their old pensions and reduce the fees they pay, positively impacting their retirement outcomes.