Opperman outlines ‘key parts’ of upcoming Pensions Bill

Pensions Minister Guy Opperman has outlined what he expects to be “three key parts” of the upcoming Pensions Bill.

Speaking at the Work and Pensions Select Committee, Opperman said the pensions dashboard, the DB white paper and collective defined contribution (CDC) legislation were the three key components that he hoped to be in the bill.

When asked if he was optimistic that, if the government delivers another Queens speech, the Pensions Bill would be included, he replied: “Absolutely and 110 per cent.”

He stated that the Department for Work and Pensions (DWP) was in a “great state of readiness” and that “most things have been consulted on”.

Opperman also revealed that the government’s consultation response on the pensions dashboard will be make public “imminently” and “definitely before the end of the term”, but would not disclose an exact date.

The Pensions Minister warned that people should not “underestimate the size of the project” and when it is launched that it will be “relatively simple to start with”.

He added: “The key objective is to get it up and running.”

Meetings have been held with between the DWP, the Single Guidance Financial Body and the Competition and Markets Authority to discuss what lessens can be learnt from the success of open banking.

The government recently released its consultation on CDC schemes and noted that a “vast majority of the responded were supportive of the proposals”.

However, a recent survey by the Pensions Management Institute found that 67 per cent of industry professionals surveyed felt that CDC would not be a success in the UK.

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