King's Speech has limited impact on pensions

Pensions UK says there may be pension implications from other aspects of the legislative programme

Jonathan Stapleton
clock • 1 min read
Zoe Alexander: There may be implications for the industry in the Regulating for Growth Bill and the Enhanced Financial Services Bill.
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Zoe Alexander: There may be implications for the industry in the Regulating for Growth Bill and the Enhanced Financial Services Bill.

There was no specific legislation focused on pension reform in this year’s King’s Speech, which was delivered to parliament this morning (13 May).

Pensions UK said that, given the recent passage of the Pension Schemes Act, it had not expected further legislation on pensions but said it would be watching other aspects of the legislative regime "with interest".

Pensions UK executive director Zoe Alexander explained: "There may be implications for the industry in the Regulating for Growth Bill and the Enhanced Financial Services Bill.

"Our focus at this point is on the expected publication of the Pensions Commission's Initial Report, and on the significant programme of secondary legislation and delivery that will flow from the Pension Schemes Act."

PensionBee vice-president of personal finance Maike Currie agreed it was unlikely to see another major flagship private pensions bill this year, especially given that the Pension Schemes Act has only just received Royal Assent.

Instead, she said the focus now shifts from major reform to implementation.

Currie said: "The real work begins with turning legislation into practical outcomes for savers. Consultations on guided retirement solutions and value for money (VfM) frameworks are expected this year, with full implementation targeted by 2028. These reforms could materially change how people experience retirement, particularly those entering drawdown without financial advice."

This article first appeared on Professional Adviser sister title Professional Pensions 

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