PLSA AC 18: Pensions legislation due in summer 2019, Opperman confirms

Written by Natalie Tuck

The Pensions Minister has confirmed that there will be new pensions legislation in summer 2019, in a speech at the Pensions and Lifetime Savings Association’s annual conference today, 18 October.

He said there is a “collective will and desire to ensure that does happen” and he has started the process of bidding for legislation for the next Queen’s Speech in April 2019.

“One of the reasons I am trying to kick as many consultations out the door of the Department for Work and Pensions is because I want to have all the consultations done by Christmas, and then bring in the process of drafting and legislation and getting all of the various ducks in a row thereafter,” he said.

“My strong belief is that we are in a very good place to get pensions legislation to get pensions legislation in the summer of 2019. So much of the work that I am doing is to ensure that it happens, and I believe that there is a collective will and desire to ensure that does happen.”

On the subject of Brexit, Opperman said it would be “naïve to say that Brexit isn’t taking up some of our time” but the government is “perfectly able” to bring in other legislation.

“I believe we can do it and we will do it next year,” he said.

The Pensions Minister also spoke of his close working relationship with Shadow Pensions Minister Jack Dromey, as he stressed the importance of working together “cross-party”.

“Often I invite the Labour Shadow Minister into the DWP but we held a joint meeting [on collective defined contribution schemes] to try and make sure that we are joined up on this. I believe that the long-term viability of pensions legislation by and large means that if you aren’t working together on a cross-party basis, you will not get things through.”

He said he is speaking with Dromey on a “regular basis” and are working hard to brings things forward.

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