Blog: New year, revolutionary pensions?

In the week that state pensions celebrates its 110th birthday, and the day which kick starts pensions for the year ahead, could 2019 be a revolutionary one for the industry?

There has certainly been a lot promised, and the government and industry have a lot lined up in what could be a bumper year for pensions.

Primarily, we are expecting a pensions bill which could change the landscape of the industry for the next decade. Key legislation over the pensions dashboard is likely to be included, as is new frameworks around defined benefit consolidation.

We know also that changes to The Pensions Regulator’s funding code will also be implemented.

The private sector is also gearing up for a big year in pensions, and according to EY UK head of life and pensions, James Tufts, 2019 will see companies launch a number of “revolutionary retirement-specific propositions”.

Tufts lacks details of what exactly these “propositions” will be, but perhaps a better grasp on open banking will help to unify much of the fragmented pension savings out there.

Of course, a lot of this depends on the stability of the government.

The Christmas break had brought some well needed respite from the perils of Brexit and the political instability that faces a nation, but as we open the door to a new year, we quickly release just how precarious it is.

This will be hammered home once parliament returns next week, and with the Brexit vote penned in for the week commencing 14 January, we could well have a new leader, or even a new government by the end of the month.

One thing that could save us, is cross-parliamentary support for pensions developments, and we know, from cases such as the long-awaited pensions dashboard, this does exist to some degree.

Here’s hoping pensions does not fall victim to the parliamentary chaos in 2019.

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