Pensions - Articles - Snap General Election could disrupt pension initiatives

According to Kate Smith, head of pensions at Aegon, a number of initiatives that are currently going through the parliamentary process could now be disrupted following the Prime Minister’s decision to call a General Election,

 Kate Smith, head of pensions at Aegon commented: “Rather like a giant sponge Brexit has already soaked up MPs’ attention, so the further distraction of a General Election will have consequences on existing policy initiatives. Issues like the strengthening of master trust regulation through the Pensions Bill 2017 are keenly awaited, as is the Government’s response to the Cridland Review, although a delay in responding fully to contentious decisions around state pensions could work in the Government’s favour. With Parliament breaking up on 3rd May, parliamentarians’ focus will now turn to securing partisan support from the electorate rather than advancing legislation through the parliamentary process.

 “Other casualties of the snap election could include the Finance Bill which was expected to get Royal Assent in July, and the Queen’s Speech, originally scheduled for June, which was touted to set out another Pensions Bill to tackle pension scams.

 “The prospect of more rafts of legislation after the election result is strong as newly elected Governments like to set out their stall and summer Budgets swiftly follow summer General Elections. Again this might disrupt the flow of existing policy initiatives through parliament, including whether the Government decides to take any radical action on underfunded Defined Benefit schemes with stressed employers and the long awaited Green Paper on social care funding, an issue which governments have been procrastinating about for years.” 

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