The election of a new government should allow parliament to be free of the deadlock caused by Brexit.

At some point this year, we can look forward to the appearance of a new pensions bill. It is to be expected that the new bill will be very similar to last year’s short-lived bill.

However, there is a strong possibility that additional initiatives will be introduced.

In addition to a commitment to the retention of the triple lock, the Conservative manifesto identified two other new pensions policies.

First of these was a promise to address the ‘taper problem’ in doctors’ pensions.

The tapered annual allowance (TAA) has been extensively criticised since its introduction and was probably due for reform regardless of which party was elected in December.

In this case, the most practical reform would be the TAA’s outright abolition. Few within the industry would mourn its passing.

The other reform identified in the manifesto was a review to seek a resolution to the net-pay anomaly.

The manifesto noted that “a number of workers, disproportionately women, who earn between £10,000 and £12,500, have been missing out on pension benefits because of a loophole affecting people with net-pay pension schemes”.

As a result, some 1.75 million workers who are not eligible to pay income tax are missing out on £111m in tax relief.

Resolving this issue would give the re-appointed Pensions Minister Guy Opperman an opportunity to make practical and welcome change.

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