Prime Minister Theresa May announced yesterday (29 April) that the Queen’s Speech will be postponed until an EU withdrawal agreement has been made, potentially delaying the upcoming Pensions Bill.

Speaking yesterday, May’s spokesperson said: “What we are focused on is the Withdrawal Agreement Bill, because that is the legislation which is necessary in order to ratify our withdrawal from the EU.

“That is part of the current Queen’s Speech cycle and we need to finish that work."

This could mean that the long-awaited Pensions Bill is delayed, as it was expected that the bill would be included in the speech.

Commenting, Royal London director of policy, Steve Webb, said: “Delay could slow down the implementation of reforms like the pension dashboard, where the legislation on compulsion is urgently needed, and could also delay the implementation of the introduction of CDC pensions.

“In addition, the consolidators would like legislative certainty and without knowing the regulatory framework for consolidation, pension fund trustees may be reluctant to be the first to move into a consolidation vehicle”.

Speaking to the Work and Pensions Select Committee earlier this month, Pensions Minister Guy Opperman said that the Pensions Bill would “absolutely and 110 per cent” be included in the Queen’s Speech.

Although this could result in a postponed Pensions Bill, Opperman also said that the Department for Work and Pensions was in a “great state of readiness” and that “most things have been consulted on”.

A DWP spokesperson today said: “We plan to bring forward a Pensions Bill at the earliest opportunity.”

However, it is currently unclear what the delay will mean for the Pensions Bill.

Webb continued: “If the Queen’s Speech is only delayed by a few weeks then this will probably have little consequence. But if there is a delay of many months, perhaps pending the outcome of the Brexit negotiations, this would start to have a real impact.”

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