Pension schemes will be altered over the coming months and years as the long-awaited Pension Schemes Bill received Royal Assent last month, allowing it to officially become law. The act is focused around ensuring private pensions are managed sensibly and provide the best outcomes for members.
“On the Pensions Regulator’s Powers, we will consult on the majority of draft regulations this Spring, and will commence these powers and the criminal offences measures in the Autumn.
“For the duty to give notices and statements to the Regulator in respect of certain events, we will consult on the draft regulations later this year, for commencement as soon as practical thereafter.
“In early Summer we plan to consult on draft regulations for scams and Collective Defined Contribution Schemes, with commencement on the scams measures from early Autumn 2021.”
The Minister went on to explain that the Government aims to consult on proposed regulations for the pensions dashboard later this year and lay draft regulations before Parliament in 2022.
Mr Opperman confirmed the delivery date “remains on track” for 2023.
The pensions dashboard is a service being worked on by the Pensions Dashboards Programme (PDP) team to “enable individuals to access their pensions information online, securely and all in one place, thereby supporting better planning for retirement and growing financial wellbeing.”
The PDP was established by the Money and Pensions Service to design and implement the infrastructure that will allow the dashboard to work.
On top of these public efforts, other organisations will also provide dashboards and the PDP is working with the pensions industry, Government and regulators to ensure all remain aligned.
The introduction of this dashboard may not come soon enough for some people, with recent analysis of ONS data showing that approximately 45 percent of people are not confident about their future standard of living in retirement.
Additionally, on the climate issue, research conducted in mid-February by Cushon found that as many as 99.5 percent of the population may be oblivious to their pension’s carbon emissions.
Ben Pollard, the Founder & CEO of Cushon, commented on this and what needs to be addressed within the industry: “Our research shows that people are concerned about how their pensions are adding to the damage done to the planet, but there is very little information available to pension members.
“They are calling for more information and they want more control. The pensions industry needs to provide greater transparency around the impact of investments on climate change. This is an issue that’s been brushed under the carpet for far too long.”
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