Pension Bill to be set back due to Queen’s Speech delay?

The delay of the Queen’s Speech could postpone the introduction of the Pension Bill as the government focuses on the Brexit Withdrawal Agreement Bill, Pensions Age reports.

On 29 April, Prime Minister Theresa May’s Spokesperson said: “What we are focused on is the Withdrawal Agreement Bill, because that is the legislation which is necessary in order to ratify our withdrawal from the EU.

“That is part of the current Queen’s Speech cycle and we need to finish that work."

However, it is widely expected that the Pension Bill will be included in the Queen’s Speech, with Pensions Minister Guy Opperman telling the Works and Pensions Select Committee earlier this month that the Bill would “absolutely and 110% be included” in the speech.

The delay of the Pension Bill could see the implementation of reforms such as the pension dashboard and the introduction of CDC set back, according to Royal London director of policy, Steve Webb.

He continued: “In addition, the consolidators would like legislative certainty and without knowing the regulatory framework for consolidation, pension fund trustees may be reluctant to be the first to move into a consolidation vehicle”.