Private Member's Bill calling for lifetime pension provider model withdrawn

A Private Member’s Bill looking to give employees the right to have their employer pay their pension contribution to a pension of their own choosing has been withdrawn.

The bill, introduced by MP Anthony Browne under the Ten-Minute Rule, proposed making a "small legislative change" to give employees the right to opt out of their company pension scheme without losing pension contributions.

Under the proposals, the employer’s contributions would also have been required to be of the same value as the contributions it makes to its existing company scheme, to make sure that employees who opt out are not penalised.

Industry experts had previously supported the plans, with Hargreaves Lansdown head of retirement analysis, Helen Morrissey, arguing that the idea of a lifetime provider model is a "vital part of the puzzle to drive up engagement with pensions” and could make a “demonstrable improvement in the number of small pension pots we see in the market”.

However, although the bill had been scheduled for a second reading, it was instead withdrawn on 21 March 2023.

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