We’ve long said that the Pension Schemes Bill sets a new direction for UK pensions and we strongly support the overall package. The Bill’s ambitious reforms will help improve people’s retirement by driving a focus on value, making pensions easier to manage, and supporting long-term economic growth.
We remain concerned that the Bill includes a reserve power to mandate how pension funds invest. However, the many additional safeguards we proposed should help to limit any potential negative impact. In particular, the concessions now reflect our calls for an independent assessment before the power can be used. We'll now work closely with our members as they start implementing the wide-ranging measures introduced through this landmark legislation
Dr Yvonne Braun
Director of Long-Term Savings Policy at the ABI