Pensions minister Guy Opperman sets out how impending Pension Schemes Bill will improve retirement savings in the UK
Two weeks ago, the Pension Schemes Bill cleared its final hurdle in the House of Commons, marking just under a year since it was first introduced to the Lords.
The bill will now return to the Lords for their consideration of amendments made by the Commons, the last step needed before a bill can receive Royal Assent.
Although there is still plenty of work to do, it has been a real privilege to have driven the bill's passage through parliament, and to have overseen the development of the very significant changes to the pensions landscape it will usher in.
I firmly believe it will make our pension schemes safer, better and greener. Safer, by cracking down on scams and unscrupulous bosses. Better, by making pensions more accessible through the dashboard, and greener, by encouraging investment in a more sustainable way.
This bill will help shape the pensions industry for years to come, bringing it into the digital age and offering a pathway for pensions to thrive as our planet and economy changes at a rapid pace. I hope that you, the reader, find this of some value, and that you agree on the significance and enormous value of the measures that we have included.
Guy Opperman is pensions and financial inclusion minister
For a long time, the road to retirement followed a familiar path. Individuals saved up for a pension during their working life in order to retire at a set age; usually around 65. This path has shifted, however.
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