Queen announces new measures to support and protect pension savings

New measures to provide simpler oversight of pensions savings are to be brought forward, and a commitment to protect people’s retirement pots with new laws providing greater powers to tackle irresponsible management of private pension schemes, are among the government’s policies announced today in the Queen’s speech.

Her Majesty the Queen’s announcement in the House of Lords, will form part of a Pension Schemes Bill enabling people to plan their savings for later life.

In background briefing notes published today, the government said the purpose of the Bill is to “support pension saving in the 21st century, putting protection of people’s pension at its heart”, and to “create a legislative framework for the introduction of pensions dashboards to allow people to access their information from most pensions schemes in one place online for the first time”.

The main benefits of the Bill would be providing more options for employers to support their employees, including saving collectively and sharing investment and mortality risk, enhancing the Pensions Regulator’s powers so it can respond earlier when employers do not take their pension responsibilities seriously, including taking tougher action against those who recklessly risk peoples’ pension benefits, building greater trust for saving in pensions, and improving advice for savers so they can prepare for retirement with confidence.

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