Pension Schemes Bill expected to receive Royal Assent tomorrow

The Pension Schemes Bill is expected to receive Royal Assent tomorrow (11 February) and become the Pension Schemes Act 2021.

A House of Lords Business and Minutes of Proceedings document revealed the bill is set for Royal Assent tomorrow, alongside the High Speed Rail Bill and Medicines and Medical Device Bill.

Its passage to becoming law began over a year ago when it was introduced in the Queen’s Speech on 14 October 2019.

It was reintroduced following the Conservative Party’s victory in the December 2019 General Election and introduced to the House of Lords on 7 January 2020.

Since then it has proceeded through the parliamentary process amid much debate, and successful and failed amendments.

Although the bill will receive Royal Assent tomorrow, large sections of the bill are not expected to come into force for several months, as further regulations around its contents are still needed.

The bill sets out the framework for the introduction of pensions dashboards and collective defined contribution schemes, expands The Pensions Regulator’s powers, and requires schemes to adopt and report against the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    Share Story:

Recent Stories

Are current roads into retirement delivering member value?
Laura Blows explores HSBC Master Trust’s recent report, Converting pension pots into incomes, with HSBC Retirement Services CEO, Alison Hatcher.

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

Pension portfolios – the role of asset-backed securities
Laura Blows is joined by Royal London Asset Management (RLAM) head of sterling credit research, Martin Foden, and its Senior Fund Manager, Shalin Shah to discuss the role of asset-backed securities (ABS) within pension fund portfolios
Incorporating ESG into fixed income
Laura Blows is joined by TCW head of fixed income ESG, Jamie Franco, to discuss incorporating environmental, social and governance (ESG) strategies into fixed income portfolios