The Conservative Party are expected to revive the Pension Schemes Bill, as promised in its manifesto, following its victory in the General Election.

The bill was taken off the table after the election was called, but it is now anticipated to return in full following the Conservative majority victory of 363 seats compared to Labour's 203.

It has cross-party support, according to Pensions Minister Guy Opperman, and features legislation on collective defined contribution schemes, the pensions dashboard and TPR powers.

In its manifesto, the Conservative Party also promised to “hold a review” to address the tax issues affecting public sector pensions, although it did not pledge to scrap the tapered annual allowance.

The election result could be seen as bad news for 1950s women affected by state pension age changes, as the Conservatives made no pledge to compensate those affected, unlike Labour and the Liberal Democrats.

There could also be changes in the way pension savings are investing, with the Conservatives wanting more control in this area and to target investments in scientific research.

Share Story: