Government proposes further concession on Pension Schemes Bill mandation

The Lords last week shut down the Commons' amendment which proposed a ‘sunset' clause, which would place a time limit on the reserve power. Ahead of the Commons vote, secretary of state for work and pensions Pat McFadden today said the Commons "insists" on maintaining the mandation power but with tweaks to the test for granting pension schemes an exemption. He proposed amendments to wording in the bill suggesting that schemes applying for an exemption would only have to persuade the regulator that complying "would be likely to" cause material financial detriment. The original wording ...