The scrapping of the triple lock on the state pension, means testing winter fuel payments and state pension age increases were absent from the Queen’s Speech.

At the ceremonial State Opening of Parliament, today, 21 June, HRH Queen Elizabeth II made no mention to pensions, nor was there any mention of the triple lock or winter fuel payments in the background documents.

The background documents confirmed plans for a Financial Guidance and Claims Bill, which will look to establish a single financial guidance body. Currently there are three financial guidance bodies which are The Money Advisory Service, The Pensions Advisory Service and Pensions Wise.

“The Bill will establish a new statutory body, accountable to Parliament, with responsibility for coordinating the provision of debt advice, money guidance, and pension guidance,” the documents said.

Prior to the election, the Conservatives announced they would end the triple lock on the state pension in 2020 and replace it with a double lock. With regards to workplace pensions, the Conservative Party said it will continue to support the expansion of auto-enrolment by extending it to small employers and making it available to the self-employed. It will also continue to promote long-term savings and pensions products, such as the Lifetime ISA, to “encourage and incentivise more people to make provision for long-term needs”.

Following the high profile BHS pension scandal, the Conservatives plan to tighten the rules surrounding business owners who “abuse pension funds and put them at risk” for their own “lavish enrichment”.

There is uncertainty over whether the pension policies will be implemented as the Conservatives are relying on the support of Northern Ireland’s Democratic Unionist Party, as they lost their majority at the General Election on 8 June. However, as the DUP had pledged to keep the triple lock it is not known what will happen.

Commenting, AJ Bell senior analyst Tom Selby said: “While Brexit is clearly sucking up huge amounts of policy time and resource, there remains a significant domestic reform agenda for the minority government to be getting on with. Unfortunately we have a hung parliament and a Prime Minister staggering on following a disastrous general election campaign.

“The result of this is a delayed Queen’s Speech which gives no clarity on either the major structural strains on the UK’s pensions system, or the outstanding legislative issues that were sidelined by the snap election.”

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