The new Pension Schemes Bill aims to support 15 million savers boost pension pots by £11,000
Labour's legislative agenda for the year ahead has been set out in the King’s Speech today with dozens of new bills packed in.
What the Government says the Pension Schemes Bill will do: Bring together small pension pots The Government says the Pension Schemes Bill will prevent people from losing track of their pension pots by consolidating small pots. It says small pots will be automatically brought together into one place to maximise income in retirement.
Introduce a test to make sure pension schemes deliver value for money The Government says it will also introduce a standardised test and a ‘value for money’ framework that schemes will need to meet to demonstrate they deliver value. The test is designed to leave a smaller number of well-performing, well governed schemes and drive out small under- performing schemes.
Additional changes The Government is reaffirming the Pensions Ombudsman as a competent court, meaning pension schemes will no longer need to apply to courts to recover money in overpayment cases. It says this will alleviate pressures and costs for courts, schemes, and members and ensure recovery costs are kept to a minimum.
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