This afternoon the Pensions Schemes Bill completed its Parliamentary stages and now awaits Royal Assent.
Association of British Insurers Director of Policy, Long-Term Savings, Yvonne Braun said:
“The Pension Schemes Act lays the foundations for critical developments in the pensions landscape: setting out the framework for pensions dashboards, reuniting savers with their lost pension pots, clamping down on pension scams, and mandating climate related disclosures. We look forward to working with Government and stakeholders as the detail of these measures is set out in secondary legislation.
“However, important elements of pensions policy still require swift legislative attention – a robust and permanent regulatory regime for Superfunds, extending the coverage of Automatic Enrolment to bring more lower earners into pension saving, and measures to tackle the proliferation of online pension scams and investment fraud. The ABI and our members stand ready to work with Government on these important issues which will help to make the pension system fit for the future.”