Quarterly Pensions Watch: Pension Schemes Bill announced
Quarterly Pensions Watch: Pension Schemes Bill announced
23 Jul 2024
What you need to know
- With the new Government now in place, pension scheme trustees and employers will be keen to know Labour’s direction of travel for pension policy.
- In her first speech as the new Chancellor, Rachel Reeves stated that Labour will turn its attention ‘to the pensions system, to drive investment in homegrown businesses and deliver greater returns to pension savers’.
- The first step towards this was revealed on 17 July 2024: the King’s Speech set out the Government’s intended legislative agenda and includes a Pension Schemes Bill. This is set to take forward some of the initiatives already in progress prior to the general election.
- As promised in Labour’s manifesto, Rachel Reeves has launched a “landmark review” of the pensions landscape.
- The key pensions appointments have also now been made at the Department for Work and Pensions (DWP). Liz Kendall is Secretary of State. whilst the new Pensions Minister, Emma Reynolds, has a joint role across the DWP and HM Treasury. Sir Stephen Timms and Alison McGovern have been appointed as Ministers of State in the DWP. Let the work begin!